Pivot point: 124.45
Preferred scenario: Selling positions below the 124.45 level, targeting 123.15 levels
Alternative scenario: stop loss and change direction by breaking 124.60 level, targeting 126.15 levels
Comment:
We had published an analysis of the EUR / JPY pair from here
, where the pair fell on the four hour frame from the descending trend line from the top of October to complete the descending process until it reached the support levels 122.00-122.15, with oversold saturation on the momentum indicator rsi
The pair is also moving in the butterfly harmonic pattern by 127% fibo from the xa leg at the same support levels
Indeed, the pair rose to its targets, and now we are awaiting corrective selling before completing its upward trend.
