EUR/JPY Price Analysis: Bearish prospects below 38.2% Fibo


  • EUR/JPY is on the verge of a significant correction to the upside. 
  • Bears are lurking at prior support expected to be resistance.

The hourly chart is shaping up for a potential continuation to the downside. The following illustrates the bearish bias should the price be rejected at the prior lows.

EUR/JPY hourly chart

The price made a lower low in a bearish impulse on the hourly chart which still has room to go until it meets the prior lows looking left. 

This is an area of support that would be expected to be tested in the forthcoming sessions. 

A 38.2% Fibonacci retracement level meets the prior lows and previous liquidity. If this holds as resistance, then bearish case could start to build again. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD struggles below 1.2200 inside falling channel

EUR/USD remains depressed between 100-SMA and 200-SMA inside a three-week-old descending trend channel. Downbeat MACD signals also back the bears, monthly support line adds to the downside filters.

EUR/USD News

GBP/USD looks shy of regaining 1.4200, Brexit, UK data dump eyed

GBP/USD bulls take a breather following the heaviest run-up in two weeks. UK PM Johnson said US President Biden didn’t alarm about the Northern Ireland situation, Brussels-Britain agrees over fishing catch. Brexit chatters, G7 deal and UK’s April data-flow become the key.

GBP/USD News

EUR/USD struggles below 1.2200 inside falling channel

EUR/USD remains depressed between 100-SMA and 200-SMA inside a three-week-old descending trend channel. Downbeat MACD signals also back the bears, monthly support line adds to the downside filters.

EUR/USD News

Dogecoin price may fall 40% as fragile DOGE fundamentals multiply

Dogecoin price has shifted from a wide descending channel to a tighter channel after support folded at the 50-day SMA. The underperformance with Bitcoin and the breakdown in daily active ...

Read more

US Inflation Analysis: As high as it gets? Fed may still stick to “transitory” stance, dollar could suffer

US headline inflation hit 5% in May, more than 4.7% expected. Prices of used cars and airfares were among the upside drivers. The Fed may still see through these reopening struggles and refrain from any major change.

Read more

Forex MAJORS

Cryptocurrencies

Signatures