EURJPY currency pair reached in middle of this month resistance level at 124.00, which was created by last high (H). Declines after rebound from resistance led to creation a local low (L).
Then came back growth and bulls tried to attack the high at around 124.00 but as it turned out they failed. Another downward impulse led to set lower low (LL).
This week in turn we witnessed a bearish correction to mentioned before low that brought the price to local resistance at 123.20. There also at the top appeared engulfing bearish bar, which signals return to declines.
Given the above, one can expect further declines. Bearish bias will be negated if price will close on H4 chart above resistance level at 123.20.
The above analysis was carried out on account with a broker XM, which offers $30 to start!
