Currency pair Euro to Japanese Yen EUR/JPY continues to move as part of the decline and the downward channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from sellers of the European currency against the Japanese yen and a potential continuation of the fall from current levels. At the time of publication of the forecast, the Euro to the Japanese Yen is 129.30. As part of the Forex forecast for the EUR/JPY rate for March 4, 2022, we should expect an attempt to develop growth and test the resistance level near the area of 129.15. Further, a rebound and a continuation of the fall of the Euro/Yen currency pair. The potential target of such a movement in Forex is the area below the level of 124.55.
EUR/JPY forecast Euro to Japanese Yen March 4, 2022
An additional signal in favor of a decrease in EUR/JPY currency 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 descending channel. Cancellation of the option of falling quotes of the Euro/Yen currency pair will be a strong growth and a breakdown of the level of 129.75. This will indicate a breakdown of the resistance area and continued rise of the instrument to the area at the level of 132.65. It is worth waiting for confirmation of the fall of the EUR/JPY currency pair with a breakdown of the support area and closing prices below the level of 126.25.
EUR/JPY forecast Euro to Japanese Yen March 4, 2022 suggests the development of a correction and a test of the resistance area on the price chart near the level of 129.15. Where should we expect a rebound and an attempt to continue the fall of the pair to the area below the level of 124.55. A test of the trend line on the relative strength index (RSI) will come out in favor of the currency pair’s decline. Cancellation of the option of falling the EUR/JPY currency pair will be a strong growth in quotes and a breakdown of the level of 129.75. 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 132.65.
