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12.01.2023 09:35 PM
EUR/JPY right above major downside obstacle of 140.11

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EUR/JPY Massive Drop!

The EUR/JPY pair registered a massive drop in the short term after dropping below the uptrend line. You knew from my previous analysis that the EUR/JPY pair could extend its growth only by staying above the uptrend line. Dropping below it signaled that the uptrend ended and that the sellers could take it down.

Now, the instrument stands above 140.11 former low (historical level). This represents a downside obstacle.

EUR/JPY Forecast!

Dropping below 140.11 activates more declines and is seen as a selling signal while staying above the downside obstacle could announce an upside movement.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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