EURJPY looks to be lacking direction lately with the price currently trading between the 200- and 50-period simple moving averages (SMAs).
The mostly neutral picture is also reflected in the short-term oscillators, though the stochastics lean more to a negative mode as the blue %K line has completed a bearish crossover with the red %D line. The MACD is just below its zero point but remains above its red trigger line while the RSI flirts with its neutral mark.
To the downside, the capping 100-period SMA at 118.82 could initially send the price to the 50-period SMA at 118.26 ahead of the 116.83 support of March 12. Dropping further, the 116.30 hurdle and six-month low of 116.11 could prevent the price from challenging the 115.86 obstacle and the 114.84 trough, stretching back to April 2017.
Alternatively, if buyers resurface and push above the 100-period SMA, the first resistance barrier could occur from the 119.32 to 119.67 nearby swing highs, which also encapsulate the 200-period SMA. Conquering this, the downtrend line and the 120.30 peak could prove to be a tough border to overtake on the road to challenge the 121.38 top.
Overall, the short-term bias is negative while the near-term picture is neutral-to-bearish and a close either above 120.30 or below 116.11 would reveal the next clear direction.
EURJPY looks to be lacking direction lately with the price currently trading between the 200- and 50-period simple moving averages (SMAs).
The mostly neutral picture is also reflected in the short-term oscillators, though the stochastics lean more to a negative mode as the blue %K line has completed a bearish crossover with the red %D line. The MACD is just below its zero point but remains above its red trigger line while the RSI flirts with its neutral mark.
To the downside, the capping 100-period SMA at 118.82 could initially send the price to the 50-period SMA at 118.26 ahead of the 116.83 support of March 12. Dropping further, the 116.30 hurdle and six-month low of 116.11 could prevent the price from challenging the 115.86 obstacle and the 114.84 trough, stretching back to April 2017.
Alternatively, if buyers resurface and push above the 100-period SMA, the first resistance barrier could occur from the 119.32 to 119.67 nearby swing highs, which also encapsulate the 200-period SMA. Conquering this, the downtrend line and the 120.30 peak could prove to be a tough border to overtake on the road to challenge the 121.38 top.
Overall, the short-term bias is negative while the near-term picture is neutral-to-bearish and a close either above 120.30 or below 116.11 would reveal the next clear direction.
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