Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Tuesday May 16, 2023.
May 16, 2023 7:26 am
If we look at the 4-hour chart of the EUR/JPY cross currency pair, it can be seen that EUR/JPY is moving under pressure from sellers where this seems confirmed by the appearance of the formation of Lower High – Lower Low price movements and negative crossings from the 25-50 EMA and other indicators Stochastic, which apart from being in overbought condition and dropping back below level 80, also has hidden deviations between the indicator and price movements, so in the near term EUR/JPY has the potential to fall down to level 147.02 as the main target and level 146.08 as the second target we will try to tested while on the way to these targets there was no upward correction beyond the level 148.12, because if this level is exceeded then all the downside scenarios that have been described just now will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look at the 4-hour chart of the EUR/JPY cross currency pair, it can be seen that EUR/JPY is moving under pressure from sellers where this seems confirmed by the appearance of the formation of Lower High – Lower Low price movements and negative crossings from the 25-50 EMA and other indicators Stochastic, which apart from being in overbought condition and dropping back below level 80, also has hidden deviations between the indicator and price movements, so in the near term EUR/JPY has the potential to fall down to level 147.02 as the main target and level 146.08 as the second target we will try to tested while on the way to these targets there was no upward correction beyond the level 148.12, because if this level is exceeded then all the downside scenarios that have been described just now will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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