📉 EUR/JPY is currently showing signs of rejection from a key descending trendline (green) after a strong bullish move.
📌 Key Observations:
✅ Resistance Zone (Purple Box): Price attempted to break but faced rejection.
✅ Support Levels: Watching 160.617 and lower 158.519 for potential downside targets.
✅ Bearish Momentum: The price is reacting from resistance, suggesting a possible short-term pullback.
✅ Breakout Scenario: A break above 161.834 could trigger bullish continuation toward 162.500+.
💡 Trading Plan:
🔸 If price re-tests resistance and holds, expecting a potential drop toward the 158.500 region.
🔸 A confirmed breakout above 161.834 could invalidate the bearish bias and lead to further upside.
📊 Keep an eye on upcoming economic events for volatility!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.