EURJPY ! Descending channel. Price is in the resistance zone🐻

12 Agu 2022

EURJPY forms a breakout of the ascending price channel and a test of the lower boundary during the correction. The price is forming a downward price channel and at the moment is trading under the resistance zone.

On the chart I marked the key zones, I believe that since the price from the resistance zone forms a downward movement and reversal set-up, we have the prerequisites for a further decline.

I assume that after the false breakdown the price will consolidate under the level of 137.55 and will continue to fall to the support 134.7. The medium-term target is the support zone 132.63

Regards to R. Linda!