EURJPY is in a bearish mode from a couple of weeks and hit 126.00 zones in this week movement. We are expecting a more bearish move before a correction.
I am sharing 2 different time frame chart analysis to give my view about next possible movement. Please go through the EURJPY technical analysis written below.
Weekly EURJPY Technical Forecast
As per the expectations, EURJPY gives bearish move last week and there is still enough selling pressure in a weekly chart, which may take price toward 125.75 minimum and 125.00 in case of extension.
EURJPY is near to its rising support zone which is at 125.00, I am not expecting more selling pressure once price will touch 125 zones. The price could bounce from the support area to make a new pattern and may take Eurjpy towards 130.50.
Please have a look at weekly chart below, i have created and mentioned possible movement diagram with target levels.
Weekly EURJPY Price Chart
We will also look for daily time frame chart to get a closer overview
Daily Price Technical Forcast For EURJPY
The EURJPY price is falling after a significant high and making higher lows and lower low clearly shown at the daily chart below. We are still expecting more bearish move to complete its selling pressure. It is also expecting the price could give small correction towards 128.00 before a new low.
The next minimum target for EURJPY could be 125.75 and then 125.00 in extension.
There is major rising support forming around 124.50 area which will also be the watching area to get the best price for next bullish move.
Please have a look at Daily EURJPY forecast chart below, I have mentioned possible movement diagram for better understandings.
EURJPY Daily Time Frame Chart
EUR JPY SUPPORT & RESISTANCE LEVELS
Support 1: 125.75
Support 2 : 125.00
Resistance 1: 128.50
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