EUR/JPY is trading at 125.84 and it could drop deeper after escaping from the up channels bodies. Failing to approach and retest the major channel's upside line indicated that the buyers are exhausted and that the pair could turn to the downside.
The breakdown from the up channels signals a downside movement, a corrective phase. As you can see on the H4 chart, EUR/USD has retested the broken support lines confirming the bearish movement.
Dropping below 125.80 level could represent a selling signal. The 125.00 psychological level represents an immediate downside target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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