The price of EURJPY has been on a bullish run for quite some time now, but sellers are gradually taking over the market as price has been moving sideways for a while.
JPY gained some strength last two weeks after it’s been weak for a long time. This might be due to the corona outburst in Japan, which made it hard for businesses to be moving, both locally and internationally.
The sudden strength from JPY will change the tone of the market on a short term.
EURJPY, which has been on a bullish run like other JPY pairs, crashed massively two weeks ago, losing over four weeks of bullish movement in a week. The strength of the sellers is more than that of the initial buyers, putting the pair under sell pressure at the moment.
Further downside is expected this week and next few weeks as buyers failed to push price back to the recent high.
As long as sellers maintain price below 132.600, 128 will be the next target for sellers as buyers get faded out. A break above 132.600 will price rally back to the initial high.
#OPINIONLEADER# #WEEKLYFORECAST #EURJPY
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