EJ Makes Massive Descent, Could Further Falls Come?Euro/Japanese YenFX:EURJPYNovi_FibonacciHere is EURJPY on the 4Hr Chart and after making a new Higher High @ 178.818, has created a Lower Low @ 176.098, surpassing the most recent Higher Low @ 176.629. This is a Break in Trend and we should suspect price to fall further on EJ if price can: - Confirm Trend Change by printing a Lower High Now on the chart, based on the Lower Low, the Fibonacci Tool lays out a couple favorable areas First, being the last Higher Low @ 176.629 which lays right below the 23.6% Retracement level @ 176.740. Secondly, the 50% Retracement Level @ 177.458 where there was Consolidation before the decline in price. *This deep of a pullback could threaten the Bearish momentum built up from the break down and creating the Lower Low. Fundamentally, the Yen seen a rise in strength after a couple key things happened: - BOJ held Interest Rates unchanged @ .5% - Toyko CPI numbers came out hotter than expected with a Forecast of a .1% increase to 2.6% with Actual coming in at 2.8%, a .3% increase! *This gives the BOJ to hike rates to help with inflation taking off too hot and this could very well strengthen the Yen more!