EUR/JPY Outlook: Bears Defend Against Bullish Correction.

3 giu 2023

In the current EUR/JPY price analysis, the bears are putting up a fight to prevent a bullish correction. The currency pair is facing downward pressure within a bearish framework when examining the hourly charts. A notable development is the formation of an AB=CD pattern, further confirming the bearish sentiment. This pattern is observed within a bearish channel, and the recent pullback from the 50% Fibonacci level, as depicted in the chart, adds to the bearish case.

Moreover, a significant pattern known as the Head and Shoulders formation is taking shape. If the neckline of this pattern is breached, it would serve as an additional indication of a potential downward push. This breakout could potentially trigger further bearish momentum in the EUR/JPY exchange rate.




Given these technical indicators, the analysis suggests a bearish setup for the EUR/JPY currency pair. The bears are actively trying to maintain control and prevent a bullish correction. Traders and investors should be vigilant for opportunities aligned with this bearish outlook.

6 giu 2023

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