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30.10.2023 10:35 AMThe EUR/JPY extended its sell-off and now is located at 157.74 at the time of writing. The downside pressure is high, so more declines are favored. You knew from my previous analysis that the price action announced a potential larger drop.
Fundamentally, the Spanish Flash CPI reported only a 3.5% growth versus the 3.8% growth estimated. Furthermore, the German Prelim CPI and German Prelim GDP should be released as well and could bring high action. Tomorrow, the BOJ and the Japanese economic figures could really shake the price. Also, the Eurozone CPI Flash Estimate and Core CPI Flash Estimate should have an impact.
From the technical point of view, EUR/JPY dropped deeper after retesting the broken uptrend line. I've talked about this scenario in my previous analysis.
As you can see on the H1 chart, the rate retested the median line (ml) of the descending pitchfork as well before extending its downward movement.
You knew from my previous analysis that dropping below 157.99 activates more decline and represents a selling signal. A bearish closure below 157.69 confirms more declines towards the S1 (157.32).
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