EURJPY Correction Odds Would Increase Below 163.00

·    November 16, 2023

·      November 16, 2023

·    November 16, 2023

Today I’m going to show you a must-hold level for EURJPY bulls, and what could materialize if it fails.

We’ll also discuss Japanese yen futures and a significant retest that occurred this week.

Watch the video below and scroll down for the annotated charts and analysis.

EURJPY has been in an uptrend since 2020, and an especially bullish trend since early 2022.

However, no trend is without corrections, and the yen crosses are signaling that it might be time for one.

We’ve seen a few confirmed fakeouts from yen crosses today, including AUDJPY and CADJPY.

However, pairs like EURJPY are holding firm, at least for now.

The reason for these corrections is today’s yen strength, which has been difficult to come by this year.

The Japanese yen tested its 2022 low this week, something we discussed inside the Daily Price Action VIP group.

We even saw the yen sweep its 2022 low before bouncing 1.2% this week.

So although it might be temporary, we should anticipate some relief for the Japanese yen while above its 2022 low.

As for EURJPY, the pair broke above a long-standing ascending channel this week.

The top of that channel comes in at 163.00 on Friday, so a sustained break below that could trigger a correction next week.

163.80 is another level to watch on Friday, given Thursday’s intraday fakeout as discussed in today’s video.

But the 163.00 handle is the key for a correction to materialize toward the 160.00 highs.

Alternatively, a break above this week’s 164.30 highs would suggest a continuation of an already established uptrend.

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