Judging from our EURJPY daily chart, price broke what used to be our support, which will now be tested as resistance (120.650). Resulting the next support to be at (117.770).

EURJPYDaily

With price currently testing our resistance at (120.600-120.650), which is lined up with our MPP, am looking to short the pair with confirmations from my smaller time frame.

EURJPYH4

Price is currently approaching the profit taking zone for bulls, since they bought at WM2 their target being at WR2. In this case based on the resistance price is currently testing at (120.244) am convinced it will not make it to the target intended by bulls, so am looking to short once my stochs crosses the 80 line

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