EUR/JPY: reversal below 157.99
October 27, 2023 5:24 pmVideo
Latest News
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
- Market Comment – Iranian attacks put markets on edge, but fallout limited April 15, 2024
- XM and Human Initiative Spread Hope to Flood Disaster Evacuees in Demak April 15, 2024
- Weekly Technical Outlook: 15/04/2024 – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Forex forecast 04/15/2024: EUR/USD, GBP/USD,USD/CAD, USDX and Bitcoin from Sebastian Seliga April 15, 2024
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Technical Analysis – Gold in a wait-and-see mode April 15, 2024
- UK inflation report could shift the market’s focus away from geopolitics – Preview April 15, 2024
- Gold Still Expected to Rise on Wall Street and Main Street April 15, 2024
The currency pair rebounded in the last hours and now is located at 158.46 level at the time of writing. After the last sell-off, the rate tries to rebound. EUR/JPY could test and retest the immediate resistance level before going down. The Japanese Yen Futures’ further growth could boost the JPY.
Fundamentally, the Spanish Flash GDP reported a 0.3% growth versus the 0.2% growth estimated. On the other hand, the Tokyo Core CPI came in better than executed as well.
EUR/JPY Retests The Sellers!
Technically, the price is trapped between the 158.93 and 157.99 levels. As you can see on the H1 chart, the rate escaped from the major ascending channel, but a downside continuation is far from being confirmed.
USD/JPY has found support on the former low of 157.99 again and now it challenges the broken uptrend line.
EUR/JPY Outlook!
A bearish closure below 157.99 activates more declines. This scenario is seen as a selling opportunity. This scenario could be invalidated if the rate makes a new higher high.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: