InstaForex's Ralph Shedler talks Euro against Japanese yen
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Relevance up to 20:00 2023-04-26 UTC+2 This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
EUR/JPY downside reversal
The EUR/JPY pair crashed today. It was trading at 146.38 at the time of writing. Dropping below the uptrend line signaled that the uptrend ended and that the sellers could drive it towards new lows.
The former low of 146.47 represented a downside obstacle as well. Now, the price tries to ignore this downside obstacle and resume its downside movement.
EUR/JPY trading conclusion
If the price stabilizes below the former low of 146.47, it may activate a further drop and provide a new selling opportunity.
