At the end of October EURJPY broke the support zone at 132.00, which was repeatedly the place of struggle between bulls and bears. So far, buyers have pushed the price higher, how will it be this time?
Strong losses probably resulted from an unsuccessful attack on the top at 134.50 and investors started to play the double top. Recently Eurodolar has fallen significantly supporting declines on EURJPY. Three days rebound with a turn down at 50% Fibonacci correction, suggests further move south.
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If level 131.50 is broken on session closing, you should expect up to 250 pips move equal to size of the channel from which the pair broke out. The target level is around 129.0
