EURJPY has been resilient last year, goin parabolic and hitting highs at 175.0 levels. As with any parabolic behavior -- weighty trim downs has followed thereafter. Slashing as much as 1500 pips from its last years price peak.
Based on recent long term metrics -- more trim downs is expected that may linger for quite a bit. Color of the year will likely stay red for the next few seasons ahead.
Our diagram depicts a major long term shift -- with a ultra wide time spectrum double top resistance that spans 17 years from July 2008 to April 2025. This solid head bump zone is historically a hard roof to crack and its already showing rejection based on latest price behavior.
As economic uncertainty lingers, with all markets in red recently -- JPY status as a safe haven pair is currently manifesting hence the recent surge in strength (and weakness on all paired).
The resurfaced black bar on the last monthly closing represents the first of many incoming series of descending price levels.
Expect more price decay from this top zone.
Spotted at 161.0
Mid/Long term target 150, 140 areas.
TAYOR
Trade safely.
Based on recent long term metrics -- more trim downs is expected that may linger for quite a bit. Color of the year will likely stay red for the next few seasons ahead.
Our diagram depicts a major long term shift -- with a ultra wide time spectrum double top resistance that spans 17 years from July 2008 to April 2025. This solid head bump zone is historically a hard roof to crack and its already showing rejection based on latest price behavior.
As economic uncertainty lingers, with all markets in red recently -- JPY status as a safe haven pair is currently manifesting hence the recent surge in strength (and weakness on all paired).
The resurfaced black bar on the last monthly closing represents the first of many incoming series of descending price levels.
Expect more price decay from this top zone.
Spotted at 161.0
Mid/Long term target 150, 140 areas.
TAYOR
Trade safely.
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.
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.