- EUR/JPY bears monitoring for a high probability set up and bearish structure.
- Bears conditions could be in the making as price tests the bear’s commitments at the daily structure.
Further to the prior analysis, EUR/JPY Price Analysis: Bears seek a downside extension from daily perspective, the price has indeed moved in on the daily resistance and the bears will be seeking prospects from a 4-hour perspective for a retest of the support area.
Prior analysis
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”A bid from here would be expected to target the 38.2% Fibo of the latest bearish impulse to structure where an offer would likely send the pair to the neckline’s wick of the daily W-formation.”
Live market, daily and 4-hour charts
The price would be expected to melt from here while below the 21-moving average.
On a retest of the resistance, a discount will be achieved by the bears for a run to the projected support structure for a favourable risk to reward ratio.
