EURJPY
Preference:
We have reached a key area with EURJPY. On the 30-minute time frame, we have consolidation underneath the 38.2 level on the Fib. There was also a double top pattern printed on the 30 min that aligns with the 38.2. There are multiple rejections at this level, and the momentum is on the bear's side. If the price fails to break above this level, we may see a continuation of the downtrend to the 78.6.
Alternative Scenario:
Before considering a reversal in this downtrend, we would need to wait for a break and retest above 38.2. The data printed during the London session will give us more insight.