EUR/JPY signaled exhausted buyers [Video]

Olimpiu Tuns Learn 2 Trade

The EUR/JPY pair crashed in the last hours and now is trading at 141.39 at the time of writing. After dropping below the uptrend line, the rate signaled exhausted buyers. Fundamentally, the price increased a little yesterday as the Eurozone Flash Services PMI and German Flash Services PMI came in better than expected. Today, the German ifo Business Climate came in line with expectations.

Technically, failing to stay above the median line (ml) of the ascending pitchfork signaled that the leg higher could be over. It has retested this dynamic resistance and now it has found strong supply right above the weekly R1 (142.22). A new lower low activates a deeper drop.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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