BEARISH Looking For EURJPY...Good Short Opportunity!!!

We can see that after the bullish breakout of the trend, we start to see BEARISH retracement taking place. Taking that to consideration, lets keep a BEARISH bias before we look into the technical analysis part of EURJPY. Interestingly, fibonacci retracement shows a nice pattern with price level retesting 23.6 fib level and 38.2 fib level as it falls. Definitely, by drawing a nice trend line we can also yet to see any form of breakout of this BEARISH trend and I expect a continuation in BEARISH movement breaking 50.0 fib level and potentially retesting it. I believe we will see a lower head forming as it heads downward to potentially 61.8 fib level. At the level, there is also a rather strong support level @118.50. Between 61.8 level and the support level forms my strong support area (Red area), if we see a breakout definitely 78.6 is possible. As of now, I will look into a short position to around 61.8 fib level where it could also potentially meet the lower band.

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