The EUR/JPY currency pair has recently experienced a bullish phase, where the price has been rising steadily. However, the pair has encountered a significant resistance level highlighted in red, which it failed to break through. As a result, the price has dropped below the ascending trend line, indicating a possible shift in the market sentiment towards bearish. Currently, the market is testing the previous support level, which has turned into resistance after the break below the trend line. Based on this, it seems likely that a bearish phase is on the horizon, and traders may look to short the EUR/JPY pair. However, it is essential to consider other factors such as economic data releases and geopolitical events that may impact the market before making any trading decisions.
• There is a resistance level at 145.550 followed by resistance at 146.000 and 146.800
• There is a support level at 143.640. Below, there is 142.200 and 141.680.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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