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What is the outlook for the EURJPY (Euro-Yen) trading pair? Now let's see what technical analysis tells us!
Forecast on H4 chart
The price fizzles out after a strong surge (as the indicators show) + the last stage of the three-wave younger TF (H1) is underway, the price may still fall to the nearest support level.
On the daily chart, there is the third wave of the three-wave cycle, after a short-term descent, there is a possibility of further continuation of the upward movement, approximately to the mark (indicated by the arrow on the chart).
Judging by the weekly TF, there are few prospects, there will be a test for the upside and a strong fall - just the final stage of the three-wave. The arrow shows the approximate price level.
There is a possibility that the price will return to the indicated price range, but this is a global prospect that will not happen soon.
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