You are here: Home > articles > Forex > Technical Analysis – EURJPY retreats after testing 15-year high
Technical Analysis – EURJPY retreats after testing 15-year high
July 25, 2023 7:29 amVideo
Latest News
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
EURJPY has been in a strong uptrend since the beginning of the year, posting consecutive multi-year peaks. In the near term, the pair is experiencing some weakness after getting rejected at the 15-year high near the 158.00 region, potentially forming a double top pattern.
The momentum indicators currently suggest a cautiously bearish near-term bias. Specifically, the MACD is holding below its red signal line in the positive territory, while the stochastics are descending after posting a bearish cross.
Should the selling interest intensify, the pair could retreat to test the 153.31 support, which overlaps with the 50-day simple moving average (SMA). A break below that region could pave the way for the May resistance of 151.60, which might serve as support in the future. Failing to halt there, the price may decline towards the June bottom of 148.58.
On the flipside, if the price reverses back higher, the recent 15-year high of 158.03 could cap initial advances. Conquering this barricade, the bulls might propel the price towards fresh multi-year highs, where the May 2008 low of 158.60 may act as a strong ceiling. Further upside attempts could then stall around the February 2008 peak of 161.38.
In brief, it seems that EURJPY is facing some downside pressure due to its failure to claim the recent 15-year peak. However, to confirm a broader downside correction, the pair needs to pierce through the 50-day SMA.
Related Posts: