EUR/JPY Price Analysis: Bears are trying to fend off the bullish correction EURJPY Technical Analysis
EUR/JPY is under pressure within a bearish schematic on the hourly charts as the following will illustrate: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. 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. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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