EUR/JPY Drops Ahead of Key Eurozone Data
Technical Analysis
The EUR/JPY pair is trading within a triangle pattern on the hourly chart, with sellers currently pushing the price lower after a reversal from the upper boundary of the triangle. At present, the price has reached the first significant support level at 162.889. If the sellers succeed in breaking below this level, further downside targets are identified using Fibonacci retracement levels from the prior uptrend, with immediate support seen at 162.720, followed by 162.480, and finally 162.175, which marks the previous major support zone.
The RSI (Relative Strength Index) remains below 50, currently around 40, indicating a bearish momentum with room for further declines before entering the oversold territory. The MACD (Moving Average Convergence Divergence) also confirms a bearish signal, as the MACD line is below the signal line and the histogram is negative, suggesting ongoing selling pressure. Additionally, price action is below the moving averages, adding to the overall bearish sentiment in the short term.
The triangle pattern continues to dictate the current market direction. A sustained move below the lower boundary of the triangle would signify the continuation of the bearish trend, while a failure to break below would provide some relief for buyers.
The EUR/JPY pair is trading within a triangle pattern on the hourly chart, with sellers currently pushing the price lower after a reversal from the upper boundary of the triangle. At present, the price has reached the first significant support level at 162.889. If the sellers succeed in breaking below this level, further downside targets are identified using Fibonacci retracement levels from the prior uptrend, with immediate support seen at 162.720, followed by 162.480, and finally 162.175, which marks the previous major support zone.
The RSI (Relative Strength Index) remains below 50, currently around 40, indicating a bearish momentum with room for further declines before entering the oversold territory. The MACD (Moving Average Convergence Divergence) also confirms a bearish signal, as the MACD line is below the signal line and the histogram is negative, suggesting ongoing selling pressure. Additionally, price action is below the moving averages, adding to the overall bearish sentiment in the short term.
The triangle pattern continues to dictate the current market direction. A sustained move below the lower boundary of the triangle would signify the continuation of the bearish trend, while a failure to break below would provide some relief for buyers.
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