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EURJPY : Broke Down From Rising Wedge

(EURJPY : 4 Hour Chart)

EURJPY gave a confirmation of a bearish movement breaking down from the support trend line of the rising wedge. The pair may find support at 138.56 which was previously acting as resistance for the pair or it might decline to the next support level at 138.39.

(EURJPY : 4 Hour Chart)

However if we insert the Fibonacci Retrenchment levels to the chart, the nearest support for the pair is at 38.2 fib level which it is currently testing. However if it is not able to hold above this support level it might decline up to 23.6 fib level.