(125,04) The EUR/JPY confirmed the previous day’s negative day reversal by a weak closing; a possible closing tonight below 124,50 will confirm a s/t top favouring a deeper correction toward 120,70 with even a possible undershooting to the support line at 118,90!! A weekly closing at the present level will form a negative week reversal!! The indicators of the daily chart are now well negative and also those of the s/t ones are still below the line supporting further weakness. The indicators of the hourly chart are of course oversold showing also potential positive reversals but they failed yet to form divergences. While below 125,60 on an hourly closing we faovur further weakness suggesting a retest of the 124 level with a possible direct extension toward the first support line at 121,40. An hourly closing below 124,50 will confirm the decline!! We stay on the sideline.
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Future Trend Research