Currency pair Euro Yen EUR/JPY completes the trading week near the level of 126.72. The pair continues to move within the framework of the fall and the descending channel. 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 develop a price correction and test the resistance area near the level of 128.55. Further, a rebound down and an attempt to continue the fall of the pair with a potential target below the level of 120.35.
EUR/JPY Weekly Forecast March 7 — 11, 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 resistance area. Cancellation of the EUR/JPY fall option will be a strong price increase and a breakdown of the 132.45 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the area of 135.65. The fall of the pair in the current trading week March 7 — 11, 2022 will be confirmed by a breakdown of the support area and closing of quotes below the level of 125.15, which will indicate a breakdown of the lower border of the descending channel.
EUR/JPY Weekly Forecast March 7 — 11, 2022 suggests an attempt to test the resistance level near the area of 128.55. Then, EUR/JPY continues to fall to the area below 120.35. 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 132.45. This will indicate a continuation of the rise of the pair with a potential target above the level of 135.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
