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If we look at the 4-hour chart of the EUR/JPY cross currency pair, it appears that there are two quite interesting patterns, the first is Head & Shoulders and Rising Wedge where the lower line has been successfully broken downwards so that based on these two pieces of information, we know that in the near future Fiber has the potential to weaken, especially with the confirmation of the appearance of deviations between its price movements and the Awesome Oscillator indicator, then in the near future EUR/JPY has the potential to fall to test the level of 163.16 if this level is successfully broken down and closes below this level, then EUR/JPY will continue to weaken to the level of 161.17 and if the momentum and volatility support it, then 159.00 will be the next target, but all these weakening scenarios will be invalid and canceled by themselves if EUR/JPY suddenly strengthens significantly, especially if it successfully breaks above the level of 167.50.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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