0217 GMT - The euro-yen pair is forming a major bearish reversal pattern, based on the daily chart, Oanda's Kelvin Wong says in an email. Its swing highs of Nov. 16, 2023, July 11, 2024, and Oct. 31, 2024, have formed an impending major bearish reversal "head and shoulders" pattern, the senior market analyst says. This follows the currency pair's break below the support on a former long-term ascending channel in August. The 155.45 level marks the support on the neckline of the head and shoulders pattern, Wong notes. A daily close below that level could open the scope to trigger a major multimonth downtrend that may expose the next medium-term support levels of 151.00 and 145.60, the analyst adds. EUR/JPY is 0.6% lower at 156.98. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 19, 2025 21:17 ET (02:17 GMT)
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