EURJPY: Crucial Point

EURJPY, Daily

In the Daily timeframe, EURJPY, in a long-term bullish trend, has formed an ascending channel. The price has reached the critical 161.8 Fibonacci level. Despite the bullish sentiment, the %R shows an overbought solid trend.

If the price overcomes the resistance of 171.000, the upside will be to the target of 175.500;

However, in case of a correction below 169.500 and a trendline breakdown, EURJPY could fall to 164.000;

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt

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