The EUR/JPY has formed a strong bearish trend and there is a possibility of continuation after a retracement.
117.50-70 could provide another fresh selling opportunities. However, you also need to pay attention to 117.10 as it is an approximate ATR high. There is still room till next support and that’s what traders might use to short on rallies.
If retracement happens we should see a drop towards 116.50 and 116.38. The final target is 115.90. Only above 118.45 we could see a trend change.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX