EURJPY faces selling pressure below 161.185, with technical indicators suggesting a correction is imminent. The pair has been in an upward trend since mid-September, but signs of waning momentum are emerging. The compression of Bollinger Bands and RSI divergence signal that buyers are struggling to maintain control. A break below the 160.359 support could push the pair toward further downside targets at 160.017, 159.849, and 159.533.If the 160.359 support holds, consolidation could occur. A decisive break above 161.185 would reignite bullish momentum.
Traders should watch European PMI data for Germany, France, and the Eurozone, which could impact the euro’s strength
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.