empty
 
 
30.10.2023 10:35 AM
EUR/JPY: more declines activated

The EUR/JPY extended its sell-off and now is located at 157.74 at the time of writing. The downside pressure is high, so more declines are favored. You knew from my previous analysis that the price action announced a potential larger drop.

Fundamentally, the Spanish Flash CPI reported only a 3.5% growth versus the 3.8% growth estimated. Furthermore, the German Prelim CPI and German Prelim GDP should be released as well and could bring high action. Tomorrow, the BOJ and the Japanese economic figures could really shake the price. Also, the Eurozone CPI Flash Estimate and Core CPI Flash Estimate should have an impact.

EUR/USD Massive Sell-Off!

This image is no longer relevant

From the technical point of view, EUR/JPY dropped deeper after retesting the broken uptrend line. I've talked about this scenario in my previous analysis.

As you can see on the H1 chart, the rate retested the median line (ml) of the descending pitchfork as well before extending its downward movement.

EUR/JPY Forecast!

You knew from my previous analysis that dropping below 157.99 activates more decline and represents a selling signal. A bearish closure below 157.69 confirms more declines towards the S1 (157.32).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ralph Shedler
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback