EURJPY : Bearish trend to resurge?

- The market has been registering lower highs and lows since mid-November 2023, the medium-term trend is therefore bearish.

- Since the beginning of December, the market has consolidated within a symmetrical triangle chart pattern. The two 55 and 89 periods moving averages remain in a bearish configuration and the MACD indicator continues to evolve inside the selling zone while prices register their 3rd impact on the lower bound of their triangle.

- Although still within their consolidation zone, prices display a situation perceived as bearish for investors. Indeed, the presence of a symmetrical triangle continuation pattern following a sharp market sell-off, combined with the different bearish signals sent by technical indicators, allows us to envisage a potential continuation of the bearish movement initiated mid- November 2023.
The next targets could be around 151.575 then 149.70 which would correspond to the width of the triangle as well as a 78.6% Fibonacci projection.
That said, a market rebound driving prices above 156.25 could also invalidate this scenario.
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