EURJPY is approaching resistance, potential drop!

Price is approaching our first resistance at 132.41 (horizontal swing high resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement). A strong reaction might occur at this level, pushing price down to our major support at 131.11 (horizontal swing low support, 50% Fibonacci retracement) which coincides with our short term ascending support line.

Stochastic (89,5,3) has also reacted off our major resistance and is seeing a bearish exit, a good precursor for a potential drop in price.

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