Here are two Charts forecast as below as -

From here traders can watch for a selling opportunity as long as the pair remains below former support on a 4 hour closing basis. A close back above this level would negate my bearish bias and would likely result in a retest of the 137.00 resistance level.
If the bears are able to get behind this move in the coming days, the 133.10 is a likely target. That retest would put the pair one step closer to confirming the larger head and shoulder pattern that has been forming since May. EURJPY Daily Chart:


Summary: Watch for a selling opportunity as long as the pair remains below former trend line support on a 4 hour basis. Key support comes in at 133.10 with a break there confirming the larger head and shoulders pattern, which would expose 131.50 as a first level target.

And then ,breaking the 133.10 level won’t be easy, nor will a potential 1,000 pip move materialize of a few days or even a week. Therefore patience needs to be your rally here as any move to the downside will likely be met by several relief rallies along the way.
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