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EURJPY trending down in descending channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURJPY continues to fall in the descending channel. The market found resistance at the 50-day moving average on March 11, thereby halting the rally that started from 122.06 on March 1. Prices have subsequently fallen since then, remaining below the middle line of the descending channel, trading in a range formation. Prices are mostly bound between the 38.2% and 23.6% Fibonacci retracement levels of the upleg from 122.06 to 127.27. These levels are at 125.30 and 126.08. The 50% Fibonacci is

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