17 Jun 2019
EUR/JPY technical analysis: Up-side correction faded back towards descending channel
- The cross made an attempt at the 50% retracement of the 2019 range mark, but met supply and has resumed the downtrend.
- EUR/JPY is on the verge of moving back into the mid-April descending channel.
- Bears can target a run down to test the early June lows at 120.78 and the proximity of the 78.6% Fibonacci retracement.
- Should this area give, eyes will be set on the January flash crash lows, circa 118.00.
- On the flip-side, a break of the 20 DMA opens prospects for the 124 handle.
