EUR/JPY dropped a little in the short term, but the current retreat is only a temporary one. It has slipped lower within a minor flag, a down channel. It’s located at the 132.44 level at the time of writing above 132.15 today’s low. The bias is still bullish, so the pair could jump higher anytime again.
The Japanese Yen has been strongly bearish lately as the Nikkei (JP225) has resumed its growth. The index has found temporary resistance and now it has slipped lower. JP225’s further growth could signal that the JPY could resume its depreciation.
EUR/JPY Technical Analysis!
EUR/JPY dropped after failing to reach the ascending pitchfork’s upper median line (UML). Also, it has failed to stay above 132.51 static resistance. Still, the retreat, correction could be only a temporary one.
Making a valid breakout from the down channel confirms this pattern as a continuation one. Closing and stabilizing above 132.54 level and registering a new higher high could activate further growth.
Conclusion!
A new higher high, a bullish closure above 132.68 level could signal potential growth at least until the upper median line (UML). Failing to come back down towards the weekly pivot point of 131.64 may announce an upside movement towards the R1 (133.59).
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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