EURJPY → The fall may continue after the correction for OANDA:EURJPY by RLinda

EURJPY → The fall may continue after the correction

is under pressure. The currency pair is breaking the local uptrend. Technical and fundamental background is weak, which in general can put pressure on the market.

Globally, the currency pair has no trend and is trading within the range of 166 - 156. The last growth attempt was unsuccessful, the price could not approach the intermediate maximum and facing a strong bear the price turned around and fixing below the SMA headed to the lower boundary of the flat.
Locally, the change of character to bearish is confirmed, but before further fall the price may form a correction, for example, to 0.5 Fibo (imbalance zone), or to local zones of interest, but in the medium term the fall may continue.

Resistance levels: 162.3, 163.1
Support levels: 160.9, 159.8

A false breakdown of local support is formed, which may lead to correction, but since we have confirmation that the market is bearish, after the correction the fall may continue.

Regards R. Linda!

Trade active

Oh, that's great. On the background of correction the price reaches the imbalance zone and forms a false breakout of resistance

Trade closed: target reached

RLinda

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