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EUR/JPY heads towards a key support level: Has the uptrend reversed?

Post Views: 47

Technical Picture:

⬇ New downward impulse after correction
⬇ DeMarker approaching oversold
⬇ Sequential with new downward counting
⬇ Bearish engulfing price action confirmed by the last three bars
⬆ Upward trend channel
⬇ 200 SMA acting as resistance
⬇ 23.6 FIBO providing resistance
⬇ Attempt to break below the upward trendline

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In conclusion:
A daily close below 158 and 23.6 FIBO would accelerate the downward move, potentially retesting levels around 153.50-154. If the price fails to hold, further depreciation to the psychological level of 150 is expected.

Alternatively:
In the event of a reversal price action with a daily bullish engulfing bar closing above 160, an upward corrective impulse towards the 200 SMA and 50 FIBO level around 164-165 is anticipated.

Fundamentals:

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Bank traders’ expectations for the next quarter are in the range of 158 to 162 yen per euro.

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Sideways expectations for most of 2025 are around 158 yen per euro.

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Price is currently at the lower boundary of the Value Area for the past two months.

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