💹🎯 "EURJPY Forex Analysis: Trend Shift Potential" 🛑🔄
💹 Let's analyze and review this forex pair together.
🌐 Outside of the chart, we're witnessing the weakening of the Japanese yen in the long term, with bullish market cycles against the dollar and the euro. Over time, this currency is gradually losing strength compared to global powers.
💰 In the weekly timeframe, we're entirely bullish and encountering resistances that we haven't touched in recent times.
💼 For long positions, we have the daily resistance at 165.187 ahead of us, and if it breaks, we can open long positions on lower timeframes.
🔍 Additionally, we have the weak confirmation of the weakening yen in the USDJPY pair, which has broken its crucial resistance and started an upward movement. We can reasonably expect a similar event for the EURJPY chart after breaking the resistance.
🕰️ For short positions, we currently have no confirmation, and we won't open short positions until a trend reversal confirmation. However, we can take a risky move.
📊 In the daily timeframe, we have an ascending trendline, which is of a retracement type and requires a confirmation trigger. Typically, these trendlines bounce back to their last created ceiling after breaking. For opening short positions, along with the trendline, after breaking it, we can open short positions with a trigger at 162.852 on a lower timeframe.
🔄 Our upcoming resistances are 169.659 and 175.531, while our supports are 161.406, 158.462, and 154.014, where short-term market re-action and retracement are likely.
🌍 I suggest paying closer attention to the economic reasons and events happening worldwide to understand why the Japanese yen is weakening.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🌐 Outside of the chart, we're witnessing the weakening of the Japanese yen in the long term, with bullish market cycles against the dollar and the euro. Over time, this currency is gradually losing strength compared to global powers.
💰 In the weekly timeframe, we're entirely bullish and encountering resistances that we haven't touched in recent times.
💼 For long positions, we have the daily resistance at 165.187 ahead of us, and if it breaks, we can open long positions on lower timeframes.
🔍 Additionally, we have the weak confirmation of the weakening yen in the USDJPY pair, which has broken its crucial resistance and started an upward movement. We can reasonably expect a similar event for the EURJPY chart after breaking the resistance.
🕰️ For short positions, we currently have no confirmation, and we won't open short positions until a trend reversal confirmation. However, we can take a risky move.
📊 In the daily timeframe, we have an ascending trendline, which is of a retracement type and requires a confirmation trigger. Typically, these trendlines bounce back to their last created ceiling after breaking. For opening short positions, along with the trendline, after breaking it, we can open short positions with a trigger at 162.852 on a lower timeframe.
🔄 Our upcoming resistances are 169.659 and 175.531, while our supports are 161.406, 158.462, and 154.014, where short-term market re-action and retracement are likely.
🌍 I suggest paying closer attention to the economic reasons and events happening worldwide to understand why the Japanese yen is weakening.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.