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EURJPY SIMPLE R/S BREAK

OANDA:EURJPY   Euro / Japanese Yen
EURJPY has taken a big hit this week, it has been dropping rapidly, however it has reached a major support zone and seems to be being held up due to the bounce it had when price hit the zone.

What we think will happen next depends on the next movement in price, if it breaks above the resistance zone marked on the chart then we will see some bullish movement to the (GREEN) resistance zone at 124.4-124.5, however if price drops and breaks below the support lowest support zone then we could see bearish movement down to the 121.6-121.5 region.

We will wait and see for more confirmations and keep you updated
Comment: Looks like we are going up, wait for a clear breakout of the zone and a retest before trading
Comment: Price has broken out of the descending channel however it has stayed in the horizontal channel, we will wait until there is a break of this channel to the upside or downside
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