Signals on cross-rates: EUR/JPY forms a “head and shoulders” figure

Cross-rate EUR/JPY on the timeframe H4 continues to form the figure of “head and shoulders.” The development of this figure will open the way for sellers to support levels: 130.30 and 130.00.

The main support of this pair is located in the zone 131.60-30, where the level of the neck is. While the pair EUR/JPY remains in the noticeable oversold zone it will slow the further formation of the figure and the main support test. Despite this, the overall downtrend in the pair continues to persist, which is also facilitated by fundamental factors.

Recommended for reading https://esterholdings.com/en/2017/11/07/eur-usd-segodnya-para-vozle-znachimoj-podderzhki/

Hanzenko Anton