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EUR/JPY: bouncing down again?

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Since the beginning of December, EUR/JPY has been going sideways. The channel it is contained in has the upper side in the range between 126.50 and 126.65, and the downside 125.90-126.00. Both sides have already seen the price bounce off so the validity of this channel is pretty high. Currently, the price is in the middle of it, having reversed downwards once again.

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In the mid-term, the current zone of the currency pair performance is the tactical high ground: EUR/JPY was there in the summer and descended to below 123.00-124.00. That means there is a high probability that EUR/JPY does the same again. That’s why watch the downside of the channel 125.900-126.00: if it gets crossed, very likely there will be further bearish movement.

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FBS Analyst Team

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