EUR/JPY Price Analysis: Bears stay on top towards daily support

EUR/JPY bears move in for prospects of a lower low.
The M-formation's neckline is yet to be fully tested.

Ross J Burland FXStreet

EUR/JPY bears are taking control but could well be on the verge of a significant test of the recent lows and prior supportstructure.

Daily charts (a)

The daily chart in the above illustration offers a less bearish outcome of the current move to the downside considering that the M-formation's neckline has still not be tested near 131.30.

The support structure could well be a strong level of demand considering the historical liquidity looking left.

However, as illustrated below, if the bears commit here considering the significant correction to structure, then the support may well give way:

Daily charts (b)

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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