EURJPY → Consolidation before further decline

Feb 19

EURJPY is forming a downtrend. The price is bouncing off the channel resistance and has approached strong support, the breakout of which may trigger further decline



Global EURJPY is in a neutral trend, but locally, due to economic nuances, the euro is weakening against the Japanese yen
There are two key zones on the chart - resistance at 159.112 against which a false breakdown can be formed before the price continues its decline. And support at 158.45 - support of the pre-breakdown consolidation and at the same time a strong level, the break of which will open the way to 156.29.

Resistance levels: 159.11, 160.16, 160.9
Support levels: 156.29

Technically, the situation is weak and hints that in the short term the bears could overcome the key support, which could trigger a bearish momentum

Regards R. Linda!

Feb 20

Trade closed: target reached

+210 p