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29.06.2023 01:35 PM
EUR/JPY: downside reversal below 157.25

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EUR/JPY Retesting Broken Uptrend Line!

The EUR/JPY pair climbed as much as 157.95, registering a new higher high. This level represents an upside obstacle Now, it has dropped below the uptrend line indicating exhausted buyers a potential downside reversal. Still, the retreat was stopped by the 157.25 former low. This represents a downside obstacle. As long as it stays above this level, the currency pair could resume its growth despite the breakdown below the uptrend line.

EUR/JPY Trading Conclusion!

Staying below the uptrend line and under 157.95, followed by a breakdown below 157.25 may announce a larger drop. This could represent a selling opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2026
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