EURJPY should turn lower near term.

Following the “inaction” of the BOJ overnight, the EURJPY and other XXXJPY pairs ramped higher. Many pairs hit resistance levels, including the EURJPY. The EURJPY completed and equal leg move to the 158.50’s and with the underside of the broken channel being tested and the 50% retracement of the drop from 2023 highs within a stone’s throw, the risk/reward is for shorts at current levels with a potential move back to the 200dma at least (not pictured, but at 154.45) support.

Blake Morrow

Our EDGE “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.

Blake Morrow