You are here: Home > articles > Forex > Technical Analysis – EURJPY near-term momentum turns north but remains below downtrend line
Technical Analysis – EURJPY near-term momentum turns north but remains below downtrend line
October 10, 2018 1:26 pmVideo
Latest News
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
EURJPY has struggled near the 38.2% Fibonacci retracement level of the upleg from 124.90 to 133.10, around the 130.00 handle and over the last couple of hours edged higher, touching the 20-simple moving average (SMA) in the 4-hour chart. The positive movement is further supported by the RSI, which is moving north in the negative zone, while the MACD oscillator jumped above the trigger line, suggesting some gains.
If prices are able to continue to head higher the next immediate resistance for traders to watch is the 130.57 barrier, identified by the low on October 5. Even higher, the pair could meet the 40-SMA near 130.80 at the time of writing, while the next obstacle is coming from the 23.6% Fibonacci region of 131.17.
However, if the market manages to lose upside speed and turns lower again below the 38.2% Fibonacci, the price could move towards the 129.30 support, taken from the latest bottom on Tuesday. A break below this region could open the way towards the next immediate support – the 50.0% Fibonacci of 129.00.
Looking at the near-term picture, EURJPY has been trading within a short-term downtrend over the last two-weeks after the price bounced off the 133.10 resistance level.
Related Posts: