EUR/JPY: looking for continue down to the 126-area

Skandinaviska Enskilda Banken (SEB) made a long-term forecast with talling that the price will be on downtrend up to the level to be near 126 as a target. Let's evaluate this forecast with the technical points of view.

EUR/JPY: ranging within reversal key levels. The pair is on ranging market condition located between 100 period SMA (100 SMA) and 200 period SMA (200 SMA) for breaking descending triangle pattern and Fibo support level at 129.97 for 126.09 as the next bearish target.

• if the price breaks 136.71 resistance so the bullish reversal will be started up to 141.05 as the next bullish level;
• if the price breaks 126.09 support level so the price will be started to be reversed to the primary bearish market condition;
  
• if not so the price will be moved within the channel.

• Recommendation for long: watch close the price to break 136.71 for possible buy trade
• Recommendation to go short: watch the price to break 126.09 support level for possible sell trade
  
• Trading Summary: ranging to the bearish reversal