A strong selling opportunity for the EUR/JPY pair if it rises again

The EUR/JPY pair has begun to reverse direction. It broke its upward trend after bouncing off previous supply zones, subsequently falling and breaking the trend.

The pair has also established new, strong selling zones, which are currently the best and strongest selling points on the daily timeframe.

Expected Targets

If it rises again and tests the new supply zones, which are located near the 184.80 level as shown on the chart, we expect to see the pair fall to the targets at 183.60 and 182.00, respectively.

However, if the support level at 180.00 holds and the pair closes below it on a daily candle, we expect the pair to continue its decline and complete the new downtrend.