EURJPY ANALYSIS UPDATES

 Hello traders, I hope you're all doing well. Into the EURYEN markets update, last week we were shorting the pair as the markets were bearish and still are as price continues to drop lower than our previously expected targets. Price dropped to the expected target which was at the demand level on H1 & H4 at 141.567 & 141.053 where price retraced from, causing a slight rally to the previous high on H1 & H4 at 142.330 followed by a massive drop that broke the demand level.

THEN (DURING THE TRADE)

Price dropped 650 pips to 137.650, having taken out the demand at 141.567 & 141.053 on H1 & H4 and the demand level on the daily chart at 139.797 & 139.114 showing high bearish momentum in the markets. Price has recently broken the daily demand level at 139.797 & 139.114, dropped to 137.600 then retraced to retest the broken demand as a new supply before a continuation of the drop.

NOW (CURRENT MARKET PRICE)

Price has a high possibility of a continuation of the drop into the next week especially after taking out the daily demand level, in order to fill the major range from the daily supply level at 144.081 & 143.614 to the daily demand level at 134.149 & 133.134 which is the origin of the previous rally to the daily supply level. Price has to drop back to the daily demand level for the major range to be filled.