- Analytics
- News and Tools
- Market News
- EUR/JPY Price Analysis: Bears are trying to fend off the bullish correction
EUR/JPY Price Analysis: Bears are trying to fend off the bullish correction
- EUR/JPY bears are looking for a move below support.
- Bulls have their eyes on the M-formation.
EUR/JPY is under pressure within a bearish schematic on the hourly charts as the following will illustrate:
EUR/JPY H1 chart
The price broke out of the bullish trend and has subsequently fallen to test a structural point on the chart around 148.80. EUR/JPY remains well below the trendline resistance but there are prospects of a bullish correction if the bears do not commit to the move at this juncture.
We have an area of orders in the greyed-out sections of the chart below.
There are prospects of a move back into the Fibonacci scale.
The M-formation is compelling in this regard. This is a reversion pattern that tends to pull the price back towards the neckline of the formation.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
