Currency pair Euro to Japanese Yen EUR/JPY continues to move as part of the decline and the formation of the bullish ”Wolfe Wave” pattern. Moving averages indicate a short-term bearish trend for the pair. Prices went down from 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/Japanese Yen rate is 128.71. As part of the Forex forecast for the EUR/JPY rate for August 19, 2021, we should expect an attempt to develop a decline and a test of the support level near the area of 128.35. Further, the rebound and continued growth of the Euro/Yen currency pair. The potential target of such a movement on Forex is the area above the level of 129.95.
EUR/JPY forecast Euro to Japanese Yen August 19, 2021
An additional signal in favor of raising the EUR/JPY quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ”Wolfe Wave” pattern. Cancellation of the option of raising the quotes of the Euro/Yen currency pair will be a fall and a breakdown of the level of 127.65. This will indicate a breakdown of the support area and the continuation of the fall of the instrument to the area at the level of 125.85. It is worth waiting for confirmation of a rise in the EUR/JPY currency pair with the breakdown of the resistance area and closing prices above the level of 129.25.
EUR/JPY forecast Euro to Japanese Yen August 19, 2021 assumes the development of a correction and a test of the support area on the price chart near the level of 128.35. Where can we expect a rebound and an attempt to continue the rise of the pair to the area above the level of 129.95. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the growth option for the EUR/JPY currency pair will be a fall in quotations and a breakdown of the level of 127.65. This will indicate a breakdown of the support area and a continued decline in the Forex currency pair to an area below the level of 125.85.
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