Currency pair Euro Yen EUR/JPY completes the trading week near the level of 129.19. The pair continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from currency sellers and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to raise the price and test the resistance area near the level of 131.05. Further, a rebound down and an attempt to continue the fall of the pair with a potential target below the level of 120.05.
EUR/JPY Weekly Forecast February 28 — March 4, 2022
An additional signal in favor of the fall of the Dollar Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel, which was broken down. Cancellation of the EUR/JPY fall option will be a strong price increase and a breakdown of the 134.05 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 137.05 area. The fall of the pair in the current trading week on February 28 – March 4, 2022 will be confirmed by a breakdown of the support area and closing of quotes below the level of 126.05, which will indicate a breakdown of the lower border of the Triangle model.
EUR/JPY Weekly Forecast February 28 — March 4, 2022 suggests an attempt to test the resistance level near the area of 131.05. Then, EUR/JPY continues to fall to the area below 120.05. In favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the EUR/JPY fall option will be a breakdown of the resistance area and closing of quotes above the level of 134.05. This will indicate a continuation of the rise of the pair with a potential target above the level of 137.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
