The Currency pair Euro Japanese Yen EUR/JPY is trading at 119.687. The pair continues to move below the moving average with a period of 55, indicating a bearish trend for the Euro Yen. At the moment, the quotes of the pair are between the middle and lower boundaries of the bands of the indicator Bollinger Bands. It is worth waiting for an attempt to grow and test the upper border of the bands near 120.370, where again we should expect an attempt to continue the decline with the first target near the level of 118.800.
Bollinger Bands forecast EUR/JPY on March 28, 2017
The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 120.370. The cancellation of the variant of the continuation of the fall of the Euro Yen will be the breakdown of the upper border area, as well as the moving average and the closing of the pair’s quotations above the 120.700 area, which will indicate a change in the bullish trend for EUR/JPY. In the event of a breakdown of the lower boundary of the indicator bands, it is expected to accelerate the fall of the pair into the region below the level of 118.800.