EURJPY situation had become quite dangerous for the bulls. After moving downward, which lasted from December 2014 to mid-April 2015 there was rebound. Upward movement took price to the fibo 61.8% and declines are back. Since June 2015, the price moves form a clear lower highs and lower lows. It looks, like a correction in the current downward trend.
On Tuesday support at level 133.15 was broke below. Attempt of rebound was failed and as a result the price reached another weak support at 131.50. This support reinforces the upward trend line, which is defined by lows of years 2012 and 2015. Currently, there is a rebound that may reach 133.15 and 134.00. Only moving back above the 133.15 and next to 135.00 give a chance of further EURJPY upward movement.
Tomorrow there will be a press conference after last meeting of the major central banks in this month – it will be Bank Of Japan. Traders should have this in their mind, because the BOJ message can cause high volatility at EURJPY.
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