EUR/JPY is currently testing a key resistance zone around 160-161. If price rejects this level, we can anticipate a potential drop towards the 156 support zone.
There are two possible bearish scenarios:
A direct rejection from the resistance zone, leading to a bearish move towards 156.
A minor bullish breakout above 161, followed by a deeper pullback before resuming the bearish trend.
This analysis is based on past price action and key supply-demand zones. A strong confirmation at resistance (such as a bearish engulfing candle or a lower high formation) could be a good entry signal.
📉 Potential Target: 156
🚀 Invalidation Level: Above 163 (Break & Close)
📊 Risk Management: Proper stop-loss placement above 161.5/163
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There are two possible bearish scenarios:
A direct rejection from the resistance zone, leading to a bearish move towards 156.
A minor bullish breakout above 161, followed by a deeper pullback before resuming the bearish trend.
This analysis is based on past price action and key supply-demand zones. A strong confirmation at resistance (such as a bearish engulfing candle or a lower high formation) could be a good entry signal.
📉 Potential Target: 156
🚀 Invalidation Level: Above 163 (Break & Close)
📊 Risk Management: Proper stop-loss placement above 161.5/163
Would you like me to refine this further based on your specific trading style?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.