EUR/JPY Down Channel!
The EUR/JPY pair dropped within a dow channel. The selling prressure remains high as long as it stays under the downtrend line. As you can see on the H4 chart, the pair failed to stabilize below the 128.02 key level. You can see that the price has turned to the upside after reaching this obstacle.
Still, we'll have an upside reversal only if the rate jumps and stabilizes above the downtred line. On the other hand, staying below the downtrend line and dropping below the 127.75 yesterday's low could announce a potential deeper drop.
EUR/JPY Trading Conclusion!
Staying above 128.02 and jumping above the downtrend line could bring a new uptrend. This scenario could also bring new buying opportunities.
