$EURJPY LONG-TERM SELLING OPPORTUNITY AT MARKET

10 ott 2016

Long-term bearish outlook. Previous wedge resistance being re-tested. Bearish 786 retracement indicates a possible move down to 108.75 area (new lows post BREXIT) where we can look for a retracement to the upside on the completion of a bullish butterfly pattern (Scott Carney). Support trendline that started from BREXIT lows has been broken and is currently being re-tested. Plus, the market has pulled back into this key 116.00 swing zone, after putting in a new structure low just above 112.00. Many reasons (confluence) to sell here!