EURJPY Daily 11/18/19

EJ Short Idea

Higher timeframe analysis shows that EJ has been very bearish and currently broke out of a range between 121.350 - 120.500 area

Recent price action is retesting broken support (now resistance) around 120.500 and is forming a large wick which indicates huge rejection, the weekly 61.8% is right in this area as well adding to the confluence

Our targets will be the lower trend line around 118.750 followed by a target of the monthly support around 116.000