15.08.202405:05 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Thursday August 15, 2024.

Relevance up to 22:00 2024-08-15 UTC--4

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Based on what we see on the 4-hour chart, the EUR/JPY cross currency pair appears to be under Seller pressure, which is indicated by its price movement moving below its EMA 200, but with the appearance of the Bullish 123 pattern followed by several Bullish Ross Hook (RH) and its price movement is now above the WMA 20 By High, indicating that there is currently a strengthening correction in EUR/JPY, which is currently trying to test and breaks the level of 162.94. If this level is successfully broken upwards, then the level of 163..93 will be the next target to be targeted and if the momentum and volatility support it, then the level of 165.75 will be the next target to be targeted, but be careful because of the appearance of the Rising Wedge pattern and the deviation between the EUR/JPY price movement which creates a higher-high condition while the Awesome Oscillator indicator actually forms a higher-low where this condition gives an indication of the potential for further weakening, especially if there is further weakening that breaks below the level of 160.50 because if this level is successfully broken downwards then all the previously described strengthening correction scenarios will become invalid and automatically cancel themselves.

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