EURJPY is set to test lower prices
Trend Analysis: The EURJPY currency pair on the 4 hours chart has been in a downtrend since 07 January 2020 when it registered the highest price level of the period under study at 122.872. Since then, the currency pair has been successfully forming lower bottoms and lower tops. At time of writing, the EURJPY is moving around 119.911 below the 20-period and 40-period simple moving average respectively. This reveals the buyers’ determination to push the exchange rate of EURJPY to lower levels.
Additionally, the oscillator analysis indicates negative sentiment for the EURJPY. The 14 period RSI Oscillator (Relative Strength Index) is below the 50 level - a fact that shows that the sellers are in control of the market. The 23 period Momentum Oscillator is also below the 100 mark, which illustrates bearish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the bottom at 119.972 and dragging it to the top at 120.337, three price targets may be calculated. The first target level is projected at 119.746 (161.8%), which has been successfully reached. The second target level is estimated at 119.381 (261.8%). The third target level is forecasted at 118.791 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the EURJPY.
Additionally, the oscillator analysis indicates negative sentiment for the EURJPY. The 14 period RSI Oscillator (Relative Strength Index) is below the 50 level - a fact that shows that the sellers are in control of the market. The 23 period Momentum Oscillator is also below the 100 mark, which illustrates bearish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the bottom at 119.972 and dragging it to the top at 120.337, three price targets may be calculated. The first target level is projected at 119.746 (161.8%), which has been successfully reached. The second target level is estimated at 119.381 (261.8%). The third target level is forecasted at 118.791 (423.6.8%).
It remains to be seen how much lower the bears will manage to push the price of the EURJPY.
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