- EUR/JPY bears taking a pause to allow for a 38.2% Fibo of latest daily bearish impulse.
- Eyes on te daily W-formation’s neckline and wick.
Further to the prior analysis, EUR/JPY Price Analysis: Weekly W-formation is a compelling bearish play, the price has indeed extended towards the target.
Prior analysis, 4-hour chart
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Live market, 4-hour chart
-637492048086813627.png)
Meanwhile, there could be a second opportunity for the price is going to extend to the daily W-formation’s neckline as follows:
-637492049853446298.png)
A bid from here would be expected to target the 38.2% Fibo of the latest bearish impulse to structure where an offer would likely send the pair to the neckline’s wick of the daily W-formation.
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