- EUR/JPY bears not about to throw in the towel just yet.
- Bears target a deeper extension into daily support from a confluence of resistance.
As per the prior analysis, EUR/JPY Price Analysis: 129.50 on the cards on break of hourly support, the price did indeed run to the daily support and has now resumed the upside which brings about additional downside opportunities.
Prior analysis, EUR/JPY daily chart
Prior analysis, 1-hour chart
Meanwhile, the price is melting within bearish territory and is on the verge of breaking current support from which an optimal entry point there can open an aggressive 1:5 R/R or a conservative 1:2 R/R with a higher-stop.
In either scenario, the bears can look to go risk-free on a break of the next layer of support at 130.00 to target 129.50.
Live market, 15-mins
Further downside potential
The market has since reverted back to a 38.2% Fibonacci retracement level and the confluence of old support.
The price can be expected to fall further if this holds as resistance.
The bears will seek an opportunity from below the current 15-min support to penetrate deeper into the demand area on the daily charts
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