You are here: Home > articles > Forex > Technical Analysis – EURJPY rebounds but 50-day SMA caps gains
Technical Analysis – EURJPY rebounds but 50-day SMA caps gains
October 10, 2023 8:27 amVideo
Latest News
- EUR/USD and GBP/USD: Technical analysis on April 11 April 11, 2024
- Key events on April 11: fundamental analysis for beginners April 11, 2024
- Trading plan for GBP/USD on April 11. Simple tips for beginners April 11, 2024
- Trading plan for EUR/USD on April 11. Simple tips for beginners April 11, 2024
- Trading Signals for EUR/USD for April 11-15, 2024: buy above 1.0742 (0/8 Murray – rebound) April 11, 2024
- Crash on Wall Street: Inflation vs. Rate Cut April 11, 2024
- Forecast for EUR/USD on April 11, 2024 April 11, 2024
- Forecast for GBP/USD on April 11, 2024 April 11, 2024
- Forecast for USD/JPY on April 11, 2024 April 11, 2024
- Outlook for GBP/USD on April 11. The pound collapsed by 200 pips, but still remained flat April 11, 2024
- Outlook for EUR/USD on April 11. The buyers waved a white flag April 11, 2024
- The market rushed the Fed and was sorely mistaken April 11, 2024
- The June issue can be considered a closed case April 10, 2024
- Dollar spreads its wings April 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 10-15, 2024: sell below $69,000 (3/8 Murray – bullish wedge) April 10, 2024
- Is there a possibility of no Fed rate cuts this year? – Special Report April 10, 2024
- Technical Analysis – Citigroup stock pulls back ahead of earnings April 10, 2024
- Trading Signals for Ethereum (ETH/USD) for April 10-15, 2024: sell below $2,364 (3/8 Murray – symmetrical triangle) April 10, 2024
- EUR/USD and GBP/USD: Technical analysis on April 10 April 10, 2024
- Technical Analysis – USDJPY flies to new 34-year high April 10, 2024
EURJPY re-enters recent range after minor slump
Held down by 50-day SMA and Ichimoku cloud
Momentum indicators suggest a neutral-to-negative tone
EURJPY has been in a prolonged uptrend since the beginning of the year, posting a fresh 15-year peak of 159.75 on August 31. Since then, the price has been trading without a clear direction around the 158.00 handle, while its recent spike to the downside got erased within a few sessions.
Should sellers regain the upper hand, the pair could test the recent support region of 156.56. A break below that zone could pave the way for the October low of 154.34. Failing to halt there, the price may then descend towards the July support of 153.31.
Alternatively, if the price conquers the congested region that includes the 50-day simple moving average (SMA) and the upper end of the Ichimoku cloud, the bulls could attempt to reclaim the recent resistance of 158.46. Violating that zone, the pair could revisit its 15-year peak of 159.75. Surpassing that hurdle, the price could storm to fresh multi-year highs, where the February 2008 peak of 161.38 may curb further advances.
In brief, EURJPY has been trading in a range during the past month, appearing to be lacking directional impetus.
Related Posts: