EURJPY BEARISH FOR 100PIPS, 20PIP STOPechnical Analysis:
Resistance Levels: If EUR/JPY is currently near a significant resistance level, a reversal to the downside could be likely.
Trend Indicators: Look for confirmation from moving averages (like the 50 and 200 MA) showing a bearish crossover, or if the RSI (Relative Strength Index) is overbought and signaling a potential pullback.
Price Action: If there’s a bearish candlestick pattern like a shooting star or engulfing pattern forming at a resistance point, it could signal a short-term reversal.
Fundamental Factors:
A shift in Eurozone or Japan economic data (such as weak Eurozone growth or hawkish Bank of Japan statements) could provide further downside pressure on EUR/JPY.
Geopolitical tensions or broader risk-off sentiment could also boost JPY strength as a safe haven.
Key Levels: If EUR/JPY is at, say, 155.00 and you're targeting a 100-pip bearish move, the first target would be around 154.00. Watch for any support levels and trendlines around this point.
