You are here: Home > articles > Forex > Technical Analysis – EURJPY falls back to lower end of range; decline loses momentum
Technical Analysis – EURJPY falls back to lower end of range; decline loses momentum
November 22, 2017 11:25 amVideo
Latest News
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- 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
EURJPY has fallen back down to the lower end of its 2-month range. The pair is in a bearish phase in the short-term but neutral in the medium term, trapped between 131.50 and 134.50 since late September.
The sharp drop from the November 15 high of 133.87 appears to have become exhausted and the market looks a little oversold. But since RSI has not quite reached below the 30 (oversold) line there is room for further weakness towards 131.50 and 131.16 at the range low and November 20 low. This zone is expected to offer solid support.
A move above 132.46 (November 20 high) would shift the focus back to the upside with scope to re-test the upper end of the range. Only a sustained move above 134.50 would bring about a resumption of the underlying uptrend that started back in April.
In the bigger picture, EURJPY is consolidating the uptrend and is likely to maintain its neutral stance as long as support at 131.50 holds. The near-term bearish phase appears to have lost downside momentum as RSI is now flat.
Related Posts: