FX.co ★ Technical Analysis of Daily Price Movement of EUR/JPY Cross Currency Pairs, Monday March 20, 2023.

There is a few interesting things on its daily chart of EUR/JPY Cross Currency pairs:

1. The form of Bearish 123 pattern followed by the appearance of Ross Hook (RH).

2. Price movements below its Moving average with the downside slope.

3. MACD negative Cross.

4. The appearance of Descending Broadening Wedge pattern.

Based on point 1-3 gave the strong clue against sellers who are quite dominant in EUR/JPY which will make EUR/JPY in the next few days try to go down to the 139.08 - 138.07 level as the main target and the 136.95 level as the second target but based on points 4, if there is an upward correction which exceeds the level of 144.91 it will make the downside scenario described earlier cancel by itself.

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