EURJPY Key trading levels

The EURJPY pair is trading around the 1D MA50 (blue trend-line) being within a Channel Down pattern since the April 21 High. Coming off a Bearish Megaphone, this is similar to the Channel Down of September - November 2020, which was nothing more than a big Bull Flag on its way to a strong uptrend.

If the pattern continues to be repeated, then the price should post one last Lower Low near the 1D MA200 (orange trend-line) and then rebound towards the 140.000 High of April. If however the 137.00 Resistance breaks first, this Lower Low is invalidated. Notice also that the MACD is currently on a Bullish Cross.


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