• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ForexSchoolOnline.com

Learn to Trade Forex Online

  • Compare Brokers
    • Broker Type
      • Paypal Brokers
      • Swap-Free Brokers
      • Low Spread Brokers
      • ECN / STP Brokers
      • Market Maker Brokers
      • Non Dealing Desk Brokers
      • Low Minimum Deposit Brokers
    • Country
      • Brokers for Australia
      • Brokers for South Africa
      • Brokers for the UK
      • Brokers for the US
      • Brokers for Nigeria
    • Regulation
      • FCA Regulated Brokers
      • ASIC Regulated Brokers
      • FSCA Regulated Brokers
      • CFTC Regulated Brokers
    • Platform
      • MT4 Brokers
      • MT5 Forex Brokers
    • Strategies
      • Hedging Forex Brokers
      • Scalping Forex Brokers
      • Carry Trade Forex Brokers
      • Brokers for Indicators and EA’s
  • Start Here
    • Start Trading Guide
    • Beginner Trading Lessons
  • Free Forex Course
    • Public Login
    • Register
    • Password recovery
  • Lessons
    • Strategies
    • Videos
    • MT4 Guides
    • Money Management
  • Trade Setups
  • Tools
    • Correct Free Demo Charts
    • Forex Journal Download
    • Position Size Calculator
    • FULL List of Tools
    • Forex Demo Accounts
  • Price Action Guide
  • Free Course

EURJPY Price Downward Correction May Hit the 156.50 Mark

Johnathon Fox
06/28/2023 | UPDATED ON: 06/28/2023

The EURJPY pair has continued to retrace higher price levels. Consequently, this saw prices in this market surpass the 155.50 price mark about seven trading sessions ago. It is therefore imperative to examine what may soon happen in this market.

 

Major Price Levels:
Resistance Levels: 158.00, 159.00, and 160.00
Support Levels: 157.50, 156.50, and 155.50

EURJPY Price Downward Correction May Hit the 156.50 Mark

EURJPY Eyes Support at the 156.48 Price Level

 

Price action in the EURJPY market broke through the previously respected price resistance level. Subsequently, it also surpassed the 156.00 and 157.00 thresholds. However, as it approached the 158.00 price mark, a minimal downward price correction occurred.

 

Moving on, the observed price correction could have been neglected, but the indications ensuing from the Moving Average Convergence Divergence (MACD) indicator suggest that upside momentum is weakening. Although the lines of this indicator are above the equilibrium level of 0.00, its bars are now pale green.

 

Consequently, this suggests that bulls are tiring, bears may grow more confident, and the correction grows into a retracement.

EURJPY Price Downward Correction May Hit the 156.50 Mark

EURJPY’s Downward Prospects Are Strengthening

Extending this price analysis to a much smaller frame, we can perceive that the price downward propensity is increasing. Over the past four trading sessions here, bears seem to have been the most dominant.

 

Meanwhile, the last price candle that represents the ongoing session is a red one and is plunging prices closer to the 9-day Moving Average curve as support. At the same time, a bearish crossover can be seen on the Stochastic Relative Strength Index (RSI) indicator.

 

The display on the RSI implies that bears are bound to get stronger at this point. Consequently, this price correction may extend to the 157.00 price mark. Consequently, traders can expect a retracement towards the 1.2700 mark.

 

Do you want to take your trading to the next level? Join the best platform for that here.

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
Previous Post: « Lucky Block Price Prediction: LBLOCKUSD Price Recovery is set to Target the $0.0003429 High Mark
Next Post: Tamadoge (TAMA/USD) Trade Compresses Down, Holding a Bounce »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Forex School Online

High Probability Price Action Trading

How to make, manage and take profit from trades in the markets

Start Learning (It's Free!)

Turn Your Trades into Winners!

The Price action course is the in-depth advanced training on assessing, making and managing high probability price action trades.

Sign up for Free!

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

Footer

Get Our FREE Course, Bonus Strategies & Indicators!
X
Join Us Now!

Your capital is at risk.

X

CORNERSTONE LESSONS

Forex Trading for Beginners

Price Action Trading

How to Trade Forex

Technical Analysis

Forex Charts

Forex Trading Strategies

Money Management 

Compare Brokers

Best Forex Brokers

Forex Demo Accounts

Best Forex Trading Platforms

Forex Apps

Swap Fee Accounts

MT4 Brokers

CATEGORIES

Forex Videos

Trading Lessons

Weekly Trade Ideas

Start Here Guide

ForexSchoolOnline.com helps individual traders learn how to trade the Forex market

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

We Introduce people to the world of currency trading. and provide educational content to help them learn how to become profitable traders. we're also a community of traders that support each other on our daily trading journey

Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Copyright © Forex School Online Sitemap  - Privacy Policy - Disclaimers & Terms of Use - CONTACT US