USDJPY
EURUSD
EURJPY
EURJPY pulls back from record highs as sellers finally get something to lean against
Table of Contents
Key Takeaways (30s Read)
EURJPY pulls back from record highs as sellers find resistance levels to lean against.
EURJPY Technical Overview
EURJPY has entered a correction mode, breaking below the 100-hour (182.39) and 200-hour (181.87) moving averages. This has provided sellers with a defined resistance zone at 182.00–182.39 to act against. Historically, this pair broke above 176.00 and reached a record high of 183.158. Now, as prices decline, traders are left questioning whether there is finally a point of resistance to lean against.Improved Risk Definition for Sellers
Currently trading near 181.78, sellers can define their risk more clearly. The 182.00 level presents a potential resistance area. Additionally, more conservative traders may look at the 100-hour moving average at 182.39.Next Target
If the pullback continues, a modest target towards the 180.08 level could emerge, potentially providing an attractive risk-reward profile from a correction perspective.Central Bank Implications
Significant event risks loom ahead with the upcoming ECB and BOJ rate decisions, which could impact the trend positively or accelerate corrective movements. Following the trend remains vital, yet clearly defined risks allow traders additional choices.AI Analyst
AI Opinion
"The ongoing technical correction in EURJPY signifies a growing confidence amongst sellers against the long-term trend's strength. While selling pressure increases, central bank interest rate policies could further influence the trend, necessitating keen market observation by traders. In this phase, proper risk management and strategic positioning are vital. Particularly, the movements of the ECB and BOJ will directly impact future developments, so caution is warranted. Furthermore, selling here comes with inherent costs of confronting the established trend, demanding careful judgment."
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