You are here: Home > articles > Forex > Technical Analysis – EURJPY fairly paused, preserves a positive tone
Technical Analysis – EURJPY fairly paused, preserves a positive tone
February 11, 2021 9:26 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
EURJPY is edging sideways within a squeezed consolidation of 126.08-127.33 that has formed within the confines of a larger range of 125.08-127.49. The Ichimoku lines are exhibiting a directionless demeanour and are not conveying any clear signals in directional momentum. Nonetheless, the pair is sustaining its near-term improving tone above the minor tentative trend line pulled from the 125.08 trough, despite the slowed upward pace of the 50- and 200-period SMAs.
The short-term oscillators are transmitting mixed signals in momentum. The MACD is trailing beneath its red trigger line in the positive zone, while the RSI is persisting above the 50 threshold. The stochastic %K line pivoted upwards ahead of the 20 mark, promoting a pickup in sentiment.
If buying interest increases, initial resistance could develop from the nearby zone of highs of 127.03-127.12. Successfully overcoming this border, the bulls may then challenge a buffer zone from 127.34 until 127.49, involving upside limiting peaks. Should the price extend even above the 22-month top of 127.49, the pair could then examine the 127.67 barrier.
Otherwise, if sellers dip under the red Tenkan-sen line at 126.80, quick support may arise from the 50-period SMA at 126.61. Retreating further, the pair faces a reinforced boundary around the 126.43 trough, where the cloud, minor trend line, the 200- and 100-period SMAs have converged. Conquering this, the bears could then dive for the 126.08 low before challenging the longer-term tentative trend line from the 114.42 low.
The pair has been ranging since the beginning of December 2020 but the broader outlook remains bullish above the trend line drawn from the 3½-year low of 114.42.
Summarizing, EURJPY retains a short-term neutral-to-bullish bias above the 126.43 trough and the minor diagonal line.
The post Technical Analysis – EURJPY fairly paused, preserves a positive tone first appeared on XM.
Related Posts: