The EURJPY price could continue to move lower in line with the bearish 4hr trend. In this video we highlight the supply zone to watch.
Watch the video to learn more…
The price of EURJPY could continue lower this week as the uncertainty in the market should benefit the JPY as it usually strengthens in these conditions. The Euro has been declining of late as the ECB said it would not hike rates despite the rising inflation. This would have disappointed investors which would have been looking for the central bank to take action. This combined with the uncertainty in the markets surrounding the invasion of Ukraine has added to Euro’s fall.
If the EURJPY price is going to move lower we should see the market retest a supply zone and find sellers. The price is at a major support level however fundamentally this pair should continue to move lower. The supply zone has formed around 129.00 as this was the area where the last bullish candle was before the market broke into new lows. If the price retests this zone and we see bearish price action we could look for short trading opportunities.
Do you trade USDJPY? you can see our latest analysis here.
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