18 Apr 2016

BREAKAWAY GAP ON EUR/JPY - MORE DOWNSIDE TO COME


EUR/JPY H4

The week has started with a large downside gap below the major 122.50 support level. A breakaway gap such as this usually works as a good indication there's more downside to follow.

The rate is currently testing the former support as the new resistance and a failure to close back above would work as a confirmation to enter new short positions.

The immediate downside target should be the next major psychological level at 120.00.



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