The EURJPY currency pair is currently trading at 155.910. According to a price analysis, bearish traders are actively involved in the market, targeting a level of 152.20. This level represents a significant Fibonacci retracement of 61.8%.

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EURJPY Chart by TradingView

EUR/JPY is higher on Friday but that not tells the entire story as the following technical analysis illustrates. It has traded between a low of 155.92 and a high of 156.13 but there is a bearish bias:

While the Euro has upside potential, the EUR/JPY chart is bearish as the Yen is flying:

If the Yen continues and US Dollar bears remain reluctant to commit, we could see the above scenario play out.

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