Like many
other pairs EUR/JPY was affected by the fundamentals last week and climbed
almost 500 pips until it finally reached the resistance at 134.50. Since then
the pair has been consolidating until it finally formed a doji candlestick
below said resistance on the daily time-frame and started moving to the
downside again. EUR/JPY will likely continue descending towards the support at
132.40 and should it break below that level it will probably reach target
131.75. That said, the continuation of the overall bearish trend will not be
confirmed until the pair manages to break below the previous low at 129.66.
The 133.00 level is acting as a temporary support, but it may break it to the downside.
ReplyDeleteI agree with you point, Thank you.
DeleteCorrection movement ahead of the FED meeting next week.
ReplyDelete