EURJPY - Support breakdown. Attempt to change the trend

2024-11-22 10:39 FOREX forecast

💡 Ideas For EURJPY 🇪🇺🇯🇵

📈 Support breakdown. Attempt to change the trend

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EURJPY seeks to renew lows. The dollar rally is negatively affecting both JPY and EUR. The Eurozone has yet to face Trump's policies, while Japan is already going through a rough patch...

The currency pair is exiting the ascending channel, hinting at a trend change. The price breaks support and consolidates in the selling zone. Ahead is the key support at 161.2, the breakdown of this zone may provoke the bears to more active actions.

Technically and fundamentally, the currency pair is entering the downward rally phase, so the trend change is just the beginning....

Resistance levels: 162.04, 162.5, 163.2

Support levels: 161.16, 158.4

The focus is on the channel boundaries, resistance at 162.04 and support at 161.16. From these zones an aggressive fall may be possible, as buyers do not believe in a positive outcome at the moment

R. Linda

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