The EURJPY pair on the H4 chart is in a downward trend. Since setting a low near 114.84 we have seen quite dynamic rebound. Currently price has already reached an important resistance area of 117.35
So far, the above-mentioned resistance has not been broken, and price is below it. If this situation persists, we will be looking for opportunities to short sell.
The signal for speculation on declines may be the formation of descending sequence of lows and highs in the H4 chart. Additional confirmation will be closure under 20-period SMA.
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The closest target for this scenario is around 114.84, where there is a low from April 17th. In addition, it is worth noting here the presidential election in France, which can significantly affect both the valuation of the euro as well as the Japanese yen.
