You are here: Home > articles > Forex > Technical Analysis – EURJPY pulls back strongly from 15-year high
Technical Analysis – EURJPY pulls back strongly from 15-year high
July 11, 2023 8:27 amVideo
Latest News
- Forecast for EUR/USD on April 9, 2024 April 9, 2024
- Forecast for GBP/USD on April 9, 2024 April 9, 2024
- Forecast for USD/JPY on April 9, 2024 April 9, 2024
- EUR/USD and GBP/USD: Technical analysis on April 9 April 9, 2024
- Bitcoin: Target for this bull cycle is $300,000 April 8, 2024
- The dollar has laid out its trump cards, it’s now the euro’s turn April 8, 2024
- GBP/USD. Analysis for April 8th. The pound remains expensive despite everything April 8, 2024
- Could the ECB adopt its June 2022 playbook and preannounce a rate cut? – Preview April 8, 2024
- Trading Signals for GBP/USD for April 8-10, 2024: buy if breaks 1.2634 (3/8 Murray – symmetrical triangle) April 8, 2024
- Trading Signals for EUR/USD for April 8-10, 2024: buy above 1.0833 (3/8 Murray – 21 SMA) April 8, 2024
- EUR/USD. Analysis for April 8th. The euro will continue to decline April 8, 2024
- US CPI data unlikely to ease sticky inflation worries, but will markets care? – Preview April 8, 2024
- Technical Analysis – AUDUSD surpasses SMAs within trading range April 8, 2024
- Weekly Technical Outlook – USDJPY, EURGBP, USDCAD April 8, 2024
- Video market update for April 08, 2024 April 8, 2024
- US dollar enjoys gains April 8, 2024
- Weekly Technical Outlook: 08/04/2024 – USDJPY, EURGBP, USDCAD April 8, 2024
- EUR/USD and GBP/USD: Technical analysis on April 8 April 8, 2024
- Euro could tumble after ECB meeting April 8, 2024
- EUR/USD. April 8th. Preparations for the ECB meeting are in full swing April 8, 2024
EURJPY has been in a strong uptrend since the beginning of the year, posting a fresh 15-year high of 157.99 in late June. However, this rally appears to be fizzling out, with the pair experiencing a downside correction in the short term.
The momentum indicators currently suggest that bearish forces are strengthening but have not taken control yet. Specifically, the RSI retreated massively but still holds above its 50-neutral mark, while the MACD declined below its red signal line in the positive territory.
Should the pullback extend further, the pair could initially face the recent support of 154.05. If that barricade fails, the spotlight could turn to the May resistance of 151.60, which might serve as support in the future. Failing to halt there, the price could descend towards the June low of 148.58.
Alternatively, if the price reverses back higher, the recent 15-year peak of 157.99 could prove to be the first barrier for buyers to conquer. Slicing through that wall, the pair may advance towards fresh multi-year highs, where the May 2008 low of 158.60 could curb any upside attempts. Even higher, the bulls might attack the February 2008 peak of 161.38.
In brief, it seems that EURJPY’s rally has faltered after reaching extremely overbought conditions and the price is experiencing a strong pullback. Nevertheless, a break below the 50-day simple moving average (SMA) is needed to increase bears’ hopes for a sustained downtrend.
Related Posts: