You are here: Home > articles > Forex > Technical Analysis – EURJPY on the up after rebound on 126.60
Technical Analysis – EURJPY on the up after rebound on 126.60
November 7, 2018 10:26 amVideo
Latest News
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
- Trading plan for EUR/USD on April 19. Simple tips for beginners April 19, 2024
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
EURJPY has jumped considerably following the rebound on the two-month low of 126.60, hitting a new two-week high of 129.88 earlier today. The technical indicators are confirming the recent upside movement. The RSI is ready to jump into the overbought zone, while the MACD surpassed the trigger line in the bullish zone.
If prices are able to continue to move higher and overcomes 50.0% Fibonacci retracement level of the downleg from 133.10 to 126.60, around 129.86, the next resistance for traders to watch is the 130.20 barrier, identified by October 22. Even higher, the price could meet the 130.50 hurdle, before being able to hit the 61.8% Fibonacci of 130.63.
Alternatively, if the market manages to turn to the downside again, this could open the way towards the 129.20 support level, which holds slightly above the 38.2% Fibonacci of 129.10. Moving lower, the market could decline further until the 40-simple moving average (SMA) of 128.68 in the 4-hour chart.
Zooming into the near-term picture, in the 4-hour chart, EURJPY has been trading within a short-term uptrend over the last couple of weeks, creating higher lows and higher highs.
Related Posts: