EURJPY: Bearish…very bearish

Earlier this morning, the EURJPY did a false breakout of the short term resistance level (upper green resistance) but it bounce back, and a few minutes ago, it broke through the support level, triggering a bearish market condition:

EURJPY
EURJPY

Now, if this breakout follows through, do you have any idea of where the EURJPY could be heading? There is no near support in the daily, not even on the weekly charts, you have to take a look at the monthly charts to get the next support level, and this is what I got: 106.78… right now it is trading at 112.13, so more than 550 pips before we hit the next LT support level, we need confirmation though, I will keep you posted.

Trade Safe!

Raul Lopez
http://www.protradingnow.com/

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .