FX.co ★ EUR/JPY: uptrend could be over

EUR/JPY Retesting The Sellers!

The EUR/JPY pair dropped below the uptrend line (the channel's downside line) indicating that the upwards movement ended and that the rate could drop. Now, it has increased in the short term after reaching 146.46 former low which represents a downside obstacle.

As you can see on the H1 chart, the rate failed to stay above the uptrend line in the last two attempts signaling exhausted buyers and strong sellers.

EUR/JPY Trading Conclusion!

As long as it stays below the uptrend line, the rate could come back down to the 146.46 former low. A larger drop should be activated after dropping below 146.46.