Technical Analysis of Weekly Price Movement of EUR/JPY Cross Currency Pairs, Wednesday May 03 2023.
May 3, 2023 5:22 am
On the weekly chart the EUR/JPY currency pair seems to be moving in a bullish bias condition which is marked by price movements moving in the Pitchfork channel which is swooping up. However, after successfully testing the midline of the weekly Pitchfork accompanied by the appearance of deviations between price movements and the MACD indicator, there is a possibility that EUR/JPY in the next few weeks will be corrected downwards to test the 138.78 level. If this level is successfully broken, EUR/JPY will have the opportunity to continue its downward correction. up to the bottom line of the Bullish Pitchfork channel but all of these scenarios could fail if on the way down suddenly there is an upward movement back to its initial bias especially if it manages to break above the 151.56 level.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the weekly chart the EUR/JPY currency pair seems to be moving in a bullish bias condition which is marked by price movements moving in the Pitchfork channel which is swooping up. However, after successfully testing the midline of the weekly Pitchfork accompanied by the appearance of deviations between price movements and the MACD indicator, there is a possibility that EUR/JPY in the next few weeks will be corrected downwards to test the 138.78 level. If this level is successfully broken, EUR/JPY will have the opportunity to continue its downward correction. up to the bottom line of the Bullish Pitchfork channel but all of these scenarios could fail if on the way down suddenly there is an upward movement back to its initial bias especially if it manages to break above the 151.56 level.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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