Currency pair Euro to Japanese Yen EUR/JPY continues to move as part of the decline and the formation of the “Triangle” pattern. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the European currency against the Japanese yen and a potential continuation of the fall from the current levels. At the time of the publication of the forecast, the Euro to Japanese Yen rate is 129.64. As part of the Forex forecast for the EUR/JPY rate August 12, 2021 we should expect an attempt to develop growth and test the resistance level near the area of 129.95. Further, the rebound and the continuation of the fall of the Euro/Yen currency pair. The potential target of such a movement on Forex is the area below the level of 128.25.
EUR/JPY forecast Euro to Japanese Yen August 12, 2021
An additional signal in favor of reducing the EUR/JPY quotes will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Triangle” pattern. Cancellation of the option of falling quotations of the Euro/Yen currency pair will be a strong growth and a breakdown of the level of 130.15. This will indicate a breakdown of the resistance area and the continuation of the rise of the instrument to the area at the level of 131.95. It is worth waiting for confirmation of a fall in the EUR/JPY currency pair with the breakdown of the support area and closing prices below 129.05, which will indicate a breakdown of the lower border of the “Triangle” model.
EUR/JPY forecast Euro to Japanese Yen August 12, 2021 assumes the development of a correction and a test of the resistance area on the price chart near the level of 129.95. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 128.25. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the option to drop the EUR/JPY currency pair will be a strong growth in quotations and a breakdown of the level of 130.15. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 131.95.
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