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EUR/JPY remains steady after three days of gains, trading around 182.70 during the European hours on Monday. The technical analysis of the daily chart suggests a potential bullish reversal as the currency cross is positioned slightly above the upper boundary of the descending channel pattern.
💡 DMK Insight
EUR/JPY’s stability at 182.70 could signal a bullish reversal, and here’s why that matters: After three consecutive days of gains, this currency pair is flirting with a breakout from a descending channel. Traders should keep an eye on this upper boundary, as a confirmed break above could trigger further upward momentum. The daily chart suggests that if EUR/JPY can hold above this level, we might see a push towards the next resistance around 183.50. Conversely, if it slips back below 182.50, it could indicate a false breakout, leading to a potential retracement. It’s also worth noting that this movement could impact correlated pairs like EUR/USD and JPY/USD, as shifts in sentiment often ripple through the forex market. Watch for volume spikes or changes in market sentiment that could validate this bullish outlook. With the European Central Bank’s policies in focus, any hints of interest rate changes could further influence this pair’s trajectory in the coming weeks.
📮 Takeaway
Monitor EUR/JPY closely; a sustained break above 182.70 could lead to a rally towards 183.50, while a drop below 182.50 may signal a reversal.
