FX.co ★ EUR/JPY: downside reversal below 157.25

EUR/JPY Retesting Broken Uptrend Line!

The EUR/JPY pair climbed as much as 157.95, registering a new higher high. This level represents an upside obstacle Now, it has dropped below the uptrend line indicating exhausted buyers a potential downside reversal. Still, the retreat was stopped by the 157.25 former low. This represents a downside obstacle. As long as it stays above this level, the currency pair could resume its growth despite the breakdown below the uptrend line.

EUR/JPY Trading Conclusion!

Staying below the uptrend line and under 157.95, followed by a breakdown below 157.25 may announce a larger drop. This could represent a selling opportunity.