FX.co ★ EUR/JPY has made a bearish channel exit, time to start selling

The price has made a bearish channel exit with its profit target potential at 119.15 (Fibonacci extension, Fibonacci retracement). Our aim is to sell below the 120.35 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to that level.

The MACD is in a strong bearish configuration signalling that further bearish movement is expected.

Sell below 120.35. Stop loss at 120.74. Take profit at 119.15.