EUR/JPY declines after multiple failed attempts to break out of the top of its range high.
EUR/JPY has failed to break out above the top of its range high and has pulled back down to support. If the pair continues lower and breaks below a key trendline it will probably signal a new down leg within the range. The down move has stalled at the level of the trendline for the move up from the mid-September lows. Another break below the trendline and the previous day’s lows would confirm a new move lower within the pair’s multi-month range.
85 low of Thursday, would provide stronger confirmation. Such a break could eventually reach the next downside target at the range floor of about 158.32 – the October 1 as well as September 30 lows. The Relative Strength Index has fallen below the 50 mid level which suggests fairly strong downside momentum accompanied the most recent sell off. This is a sign of mild underlying weakness in the pair. Alternatively, it is also still possible that EUR/JPY might break out above its range.
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