EUR/JPY May Continue Falling

EUR/JPY has been moving steadily to the downside for the past three days and eventually broke out below the last low at 129.12. Currently the pair is testing the next support at 128.50, which it has already tested once at the beginning of July this year. Unless the pair forms something of a double bottom and bounces off from the aforementioned support there will probably be a breakout below it. If there is next target will likely be at 127.00, and a breakout below that level could lead to a further move to the downside towards the low at 124.60, but that will likely be a very long-term target that will not be reached over the course of the next few days.

EUR/JPY Found Some Support at 129.20

EUR/JPY has been moving to the downside for the past two weeks, ever since the pair bounced off from the resistance at 132.00, but the pair finally found some support at 129.20, which coincides with the (MA)89 indicator on the weekly time-frame, and bounced off from that level as well after forming an obvious hammer candlestick on the daily time-frame. Currently the pair is testing the resistance at 130.10, which is the same indicator, but on the daily time-frame. If it breaks out above it EUR/JPY may continue rising towards the last high at 132.00. On the other hand, if it bounces off from the indicator it will probably fall back towards the last low at 129.20, and a breakout below that level could lead to a further move to the downside towards 128.50.

EUR/JPY Continues Falling

EUR/JPY reached a high at 137.50 and after forming a shooting star candlestick and a hanging man candlesticks on the daily time-frame the pair bounced off from that resistance. The overall move to the downside likely continues despite the latest rally, as the pair has formed another shooting star candlestick, this time on the weekly time-frame, at 132.00 and bounced off from that level as well. The closest target before the pair is at 129.00, which is the (MA)89 indicator on the same time-frame. If the pair manages to break out below that support level it will likely continue moving to the downside towards 126.55 which is the last low.