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19.08.202112:35 Forex Analysis & Reviews: EURJPY approaching our 127.80 target.

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EURJPY provided us with a bearish signal when price broke out of the consolidation range and below 128.84. Our readers were warned about this bearish scenario in a previous analysis when price was still inside the consolidation area around the 38% Fibonacci retracement.

Red upward sloping lines - bullish channel (broken)

Red lines -Fibonacci extension targets

Green rectangle - consolidation area broken downwards

Blue lines -Fibonacci retracement levels

EURJPY is still in a bearish trend. Price is approaching our next target the 50% Fibonacci retracement. The RSI in the Daily chart is showing some bullish divergence signals, but this is just a warning for bears to be cautious. This is not a reversal signal. So far there is no sign of a coming upward reversal in trend. Bears remain in full control of the trend. We continue to expect to see price reach the 50% retracement.

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