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EUR/JPY Technical Outlook Hinges on Test of Trend Support

EUR/JPY Technical Outlook Hinges on Test of Trend Support

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EUR/JPY Technical Outlook

  • EUR/JPY multi-week decline may be coming to an end
  • 18 month trend-line and price around it in focus
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EUR/JPY Technical Outlook Hinges on Test of Trend Support

EUR/JPY spent the first three weeks of October rising and then the last three weeks falling; we could see a course change again here soon. There is a proven trend-line getting tested at this time, one that dates to the May 2020 low.

It’s first connecting point was created in September, but then validated in October. What I would like to see is a forceful rejection off the trend-line that indicates a flush and change in momentum. Given the overall price action since June it is seen that this could lead to a further filling out of a wedge pattern.

For traders looking for a fade into support, EUR/JPY here soon could be a good candidate. If we don’t see a reaction off trend-line support then this outlook will of course change.


EUR/JPY Daily chart

EUR/JPY daily chart

EUR/JPY Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.