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flag ★ EUR/JPY trapped within range formation

Forex Analysis:::2022-06-30T14:48:50

EUR/JPY trapped within range formation

EUR/JPY trapped within range formation

EUR/JPY Above Downside Obstacle!

The EUR/JPY pair dropped significantly today and now is almost to reach 141.46 former low which stands as a downside obstacle. In the short term, it moves somehow sideways between 141.46 and 144.13 levels.

Escaping from this range formation could bring us a clear direction and new opportunities. After its strong drop, we cannot exclude a temporary rebound.

EUR/JPY Trading Conclusion!

After its failure to jump above the 144.13 upside obstacle, the EUR/JPY pair signaled exhausted buyers and a potential downside movement. Dropping and stabilizign below 141.46 could activate more declines. This scenario could help the sellers to catch a new downward movement.

Analyst InstaForex
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