EURJPY: Bearish Signals Strengthen: EURJPY Under Pressure
The uncertainty surrounding a potential BoJ rate hike might weigh on JPY pairs.
However, the sell-off observed across all XXJPY pairs suggests a different narrative. This could be attributed to behind-the-scenes actions by the BoJ that have not been made public.
All JPY pairs have been gradually releasing liquidity since the end of last week.
EURJPY has already broken down from a strong structural zone, confirming a double-top pattern. Following any minor correction, EURJPY is likely to continue its downward movement, with support zones at 159.60 and 157.30. We should expect price reactions near these areas.
You may find more details in the chart!
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Euro / Japanese Yen
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