POLARITY CHANGE ON EUR/JPY SUGGESTS REVERSAL

2 Mar 2017

EURJPY

The rate is currently testing some interesting former support levels which should now become the new resistance -

• Already confirmed polarity change area (the yellow rectangle) 120.20 - 120.55
  
• 4-month long broken rising trendline support
  
• The lower parallel of the broken falling channel (black dotted line)
  

I am looking for a strong rejection lower to enter new short positions and only a break above 121.10 would invalidate my immediate bearish bias on the pair.