EURJPY had an important down move, breaking out of the channel and falling for about 80 points. What to expect now?
The most important levels to watch for are 124.900 and 126.000. Before entering any position i would wait and see if the market its just correcting before having a bearish continuation or if there is an inversion of the trend.
If the pair reaches key support level at 124.900, respects this support and starts forming higher highs and higher lows i would search for a good buy position, otherwise safe sells are set only if the pair breaks support and breaks the bullish weekly trend line.
The most important levels to watch for are 124.900 and 126.000. Before entering any position i would wait and see if the market its just correcting before having a bearish continuation or if there is an inversion of the trend.
If the pair reaches key support level at 124.900, respects this support and starts forming higher highs and higher lows i would search for a good buy position, otherwise safe sells are set only if the pair breaks support and breaks the bullish weekly trend line.