EUR/JPY: Drop Below M L3 Pivot Signals Bearish Continuation Move

Technical analysis of Forex market

EUR/JPY Technical Analysis

  • Bearish momentum.
  • We can see the stronger bearish pressure.
  • Yen is getting stronger.
  • The drop below M L3 signals continuation.

  1. Low point.
  2. Order block.
  3. Swing low.
  4. Swing high.
  5. Gravestone Doji variant 2.

The price is bearish. The markets are going down as technical and fundamentals are aligned. BOE stance was dovish and this has absolutely been reflecting on the price. At this point you can see that markets are bearish and the strong opinion is that bearish continuation is developing atm. Targets are 1.3462 followed by 1.3380 and eventually 1.3275. However, as markets are always in the pullback retracement mode, protection of the profits is important when the market gets to important support levels. Selling the rallies is the best way to trade the cable now.