If we look at the daily chart of the EUR/JPY cross currency pair, we can see that Sellers have started to enter and dominate the cross currency pair. This is confirmed by the successful penetration of the Bullish Pitchfork channel and price movements which are below EMA 20 & EMA 50, which is also EMA 20. has crossed below the EMA 50 (Death Cross) and is supported by the appearance of deviations between EUR/JPY price movements which form a Higher High while the Momentum indicator actually forms a Lower Low, so based on these facts in recent days EUR/JPY has the potential to fall lower at the level of 164.28 will try to be tested to be broken downwards. If it is successfully broken then EUR/JPY has the opportunity to continue its weakening to level 161.66 and if volatility and momentum support it then it is not impossible that EUR/JPY will shoot down to level 157.84 but all of these weakening scenarios will be invalid and it will automatically cancel if it turns out that on its way to the levels mentioned above, suddenly there is a strong correction that breaks above level 171.82.

(Disclaimer)