{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/eurjpy-retreats-as-price-action-fails-to-break-the-171-00-level\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/eurjpy-retreats-as-price-action-fails-to-break-the-171-00-level\/","headline":"EURJPY Retreats as Price Action Fails to Break the 171.00 Level","name":"EURJPY Retreats as Price Action Fails to Break the 171.00 Level","description":"EURJPY Bulls have turned tails as the Japanese yen gains considerable traction. This resulted after price action failed to break the resistance level at the 171.00 mark. This has created significant headwinds against the pair as price action experienced a moderate downward correction off the resistance level. Key Price Levels: Resistance Levels: 170.00, 172.00, and […]","datePublished":"2024-06-05","dateModified":"2024-06-05","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"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.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/01\/euro.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/01\/euro.jpg","height":438,"width":640},"url":"https:\/\/forexschoolonline.com\/eurjpy-retreats-as-price-action-fails-to-break-the-171-00-level\/","about":["EUR\/JPY","FX Technical Analysis","Technical Analysis"],"wordCount":265,"keywords":["eurjpy","Forex","Technical Analysis"],"articleBody":"EURJPY Bulls have turned tails as the Japanese yen gains considerable traction. This resulted after price action failed to break the resistance level at the 171.00 mark. This has created significant headwinds against the pair as price action experienced a moderate downward correction off the resistance level.Key Price Levels:Resistance Levels: 170.00, 172.00, and 174.00Support Levels: 165.00, 163.00, and 161.00EURJPY Bears FuriousPrice action in the EURJPY market faced minimal rejection in the previous session, while today\u2019s trading activity witnessed increased bearish activity. This caused prices to fall sharply below the 20-day Exponential Moving Average (EMA) lines.Meanwhile, we can see the Moving Average Convergence Divergence (MACD) lines above the equilibrium level. However, the mentioned indicator lines have delivered a bearish crossover above that equilibrium level. The MACD bars are solid red, indicating that bears have strengthened their hold.Bearish Momentum Appears to Be Weakening in the EURJPY as They March DeeperMeanwhile, bearish momentum in the EURJPY 4-hour market stays in control but appears to be weakening. This can be seen as the size of subsequent price candles over the past three sessions has gradually declined. The last price candle here appears small as it stands on the 200-day EMA lines.On the contrary, the bars of the MACD suggest that headwinds are still formidable in causing further price declines. Traders can eye the support at the 168.00 mark. Further impetus from the JPY side will determine if the market will break the support at the mentioned psychological price level.Do you want to take your trading to the next level? Join the best platform for that here."}