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- EUR/JPY Price Analysis: Bears looking for a restest of 129 the figure
EUR/JPY Price Analysis: Bears looking for a restest of 129 the figure
- EUR/JPY bears are lurking in weekly resistance.
- 129 the figure guards a deeper retracement to the weekly W-formation's neckline.
EUR/JPY is stalling on the upside and the bears are lurking, expecting a correction. The following illustrates the outlook from the bearish perspective which leaves 129 the figure exposed.
EUR/JPY monthly analysis
The monthly chart is correcting to a 38.2% Fibonacci retracement of the prior bearish impulse. This could hold and lead to a downside continuation deeper into the support zone.
EUR/JPY weekly chart
The W-formation on the weekly chart is also compelling. The formation is a reversion pattern and leaves the neckline exposed near to 128.40.
EUR/JPY daily chart
On the daily chart, the price is already stalling and the 38.2% Fibi is aligned with the old structure near 128.90.
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