A new decline is expected for the EUR/JPY pair soon

The EUR/JPY pair has established strong selling pressure zones on the daily timeframe following last week's sharp drop.

Currently, the pair is attempting a rebound and is testing these newly formed selling pressure zones, which are considered the most important selling levels at present.

Expected targets

If the pair tests the selling pressure zones located near the 186.600 level, a renewed decline is expected, targeting 185.600 and 184.100 respectively.

However, this analysis and the anticipated decline will be invalidated if the pair breaks and closes above the identified selling pressure zones on the chart.