As explained in my JPY Index analysis, alongside GBP/JPY, EUR/JPY is another strong candidate for a meaningful drop.
From the chart: after reaching a high near 174 — close to the 2024 ATH — the pair had its first leg down. When price dipped to the 170 psychological level, bulls stepped in, attempting a push to new highs.
However, at 173, it was the bears’ turn. The pair reversed again, potentially forming a lower high.
I believe we are in the early stage of a stronger drop, and in my view, rallies around 172 should be sold. The downside target is around 166.50, with this scenario negated on a break above the recent high. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
From the chart: after reaching a high near 174 — close to the 2024 ATH — the pair had its first leg down. When price dipped to the 170 psychological level, bulls stepped in, attempting a push to new highs.
However, at 173, it was the bears’ turn. The pair reversed again, potentially forming a lower high.
I believe we are in the early stage of a stronger drop, and in my view, rallies around 172 should be sold. The downside target is around 166.50, with this scenario negated on a break above the recent high. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.