EURJPY reversing strongly below area of resistance

We’re seeing major resistance below 132.85 (Multiple 50% Fibonacci retracements, horizontal overlap resistance, bearish price action) and a strong reaction could occur at this level. Our next major level of resistance is at 133.21 (61.8% Fibonacci retracement, horizontal pullback resistance) and our next major level of support is at 132.05 (swing low support) before 131.73 (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is reversing nicely below 96% resistance.

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