You are here: Home > articles > Forex > Technical Analysis – EURJPY cautiously negative around strong monthly-lows
Technical Analysis – EURJPY cautiously negative around strong monthly-lows
April 21, 2020 7:26 amVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
- USD/JPY: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- Technical Analysis – US 100 stock index might lose more in short-term May 31, 2024
- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
EURJPY sellers have returned the price to the 116.35 low after managing to capitalise on the fact the pair was unable to close above the 118.59 level – that being the 23.6% Fibonacci retracement of the down leg from 127.49 to 115.86 – and the mid-Bollinger band.
The short-term oscillators also reflect the recent deterioration in the pair. The MACD, in the negative region, is falling back below its red trigger line, while the RSI is also gradually dropping in the bearish zone. Moreover, the stochastics have entered the oversold territory, suggesting further declines, though with their flattened demeanour, traders need to be cautious in case buying interest picks up.
A push initially under the 116.35 latest low could test the six-month substructure of 116.11 before the 28 ½-month foundation of 115.86 draws focus. Clearing this congested support region of 116.35 to 115.86 – cementing the reversal back down from the 119.00 vicinity – the lower Bollinger band presently around 115.60 could impede the drop extending towards the 114.84 support from April of 2017.
Otherwise, if buyers manage to steer back up, the 117.93 obstacle could be first to apply resistance ahead of the mid-Bollinger band around 118.05. Pushing past this, the 23.6% Fibo of 118.59 – which limited the climb in the past – the restricting 50-day simple moving average (SMA) at 118.71 and the 119.03 swing high, could deter the pair from reaching the 200- and 100-day SMAs around 119.57 and 119.87 respectively.
Summarizing, the short- and medium-term biases continue to paint a neutral picture confined within the 122.86 and 115.86 boundaries. However, initial breaks above 119.03 or below 116.11 would be required to revive and resume a direction.
Related Posts: