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Elemont

EURJPY FORECAST - Preparing for a bounce

Short
Euro / Japanese Yen (FX:EURJPY)  
Elemont  
FX:EURJPY   Euro / Japanese Yen
EURJPY eurjpyshort eurjpylong eurjpysignal eurjpytrade eurjpy1h eurjpydaily eurjpy4h reversal breakout
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eurjpy eurjpyshort eurjpylong eurjpysignal eurjpytrade eurjpy1h eurjpydaily eurjpy4h reversal breakout
EURJPY is currently in a downtrend on the Daily and 4H, with price nearing the bottom of the daily consolidation zone.

We expect price to continue to S2 where it will either bounce back towards R2 or break lower towards S3.
Confirmation of this bounce is given by a break of the upper band of the trendline channel.
However, until then price is bearish.
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