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EUR/JPY is trading in the red at 128.83 level and it seems determined to drop deeper in the short term after failing to approach 129.97 high again. The price action signals that the pair could develop a corrective phase.
The Yen received a helping hand from the Japanese Leading Indicators and from Economy Watchers Sentiment today, while the Euro was punished by the German Industrial Production which dropped by 2.5%, more compared to 1.4% expected.
JP225 turned to the downside developing a corrective phase. Dropping deeper could force the Yen to appreciate versus the Euro and against other currencies.
EUR/JPY tested and retested the ascending pitchfork's upper median line (UML) registering several false breakouts. Its failure to stabilize above the UML signals a corrective phase. The price is traded at 128.84 below the Pivot Point (128.96) level. Closing the current H4 candle below it could activate a sell-off after the price's incapacity to reach the R1 (129.74).
I've drawn a minor descending pitchfork hoping that I'll catch a downside momentum. So, the bias will be bearish as long as it stays within the descending pitchfork's body. The S1 (128.29) is seen as a first downside target.
Closing below 128.84 former low could activate a selling opportunity with a target around the 128.00 psychological level. The Stop Loss could be hidden above 129.63 high.
A larger drop will be signaled by a valid breakdown through the ascending pitchfork's median line (ML).
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