You are here: Home > articles > Forex > Technical Analysis – EURJPY retreats after hitting downtrend line at 142.00
Technical Analysis – EURJPY retreats after hitting downtrend line at 142.00
January 24, 2023 8:25 amVideo
Latest News
- Trading Signals for EUR/USD for May 6-8, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 6, 2024
- Analysis of GBP/USD pair on May 6th. The dollar has not yet recovered from Friday May 6, 2024
- Analysis of EUR/USD pair on May 6th. The dollar continues to be under pressure from statistics May 6, 2024
- Trading Signals for GOLD (XAU/USD) for May 6-8, 2024: buy above $2,302 (21 SMA – 5/8 Murray) May 6, 2024
- EUR/USD. May 6th. Weak payrolls deliver another blow to the dollar’s coffin May 6, 2024
- GBP/USD. May 6th. Bulls continue to attack, but their momentum is fading May 6, 2024
- Weekly forecast based on simplified wave analysis of GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and US dollar index on May 6, 2024
- Defensive strategies key as Fed holds rates steady May 6, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on May 6th May 6, 2024
- Video market update for May 06, 2024 May 6, 2024
- Technical analysis of GBP/USD for week on May 6-11 May 6, 2024
- Japan to intervene market once again? May 6, 2024
- Forex forecast 05/06/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 6, 2024
- Hot forecast for EUR/USD on May 6, 2024 May 6, 2024
- Trading plan for GBP/USD on May 6. Simple tips for beginners May 6, 2024
- Trading plan for EUR/USD on May 6. Simple tips for beginners May 6, 2024
- Technical Analysis of Intraday Price Movement of CAD/JPY Cross Currency Pairs , Monday May 06 2024.ei 2024. May 6, 2024
- Technical Analysis of Intraday Price Movement of USD/IDR Exotic Currency Pairs , Monday May 06, 2024. May 6, 2024
- Forecast for EUR/USD on May 6, 2024 May 6, 2024
- Forecast for GBP/USD on May 6, 2024 May 6, 2024
EURJPY has been developing within a symmetrical triangle in the long-term timeframe, taken from the troughs in May 2022 and the peak in October 2022. Moreover, in the short-term view, the price is consolidating within a trading range with upper boundary the 23.6% Fibonacci retracement level of the up leg from 124.40 to 148.40 at 142.70 and lower boundary the 138.00 psychological mark, while it found strong resistance at the downtrend line at the moment.
Technically, the RSI indicator is sloping slightly down in the positive territory, while the stochastic is approaching the overbought area, suggesting more gains in the near term.
If the bulls manage to climb beyond the downtrend line and the 50-day simple moving average (SMA) at 142.35 may hit the 23.6% Fibonacci at 142.70. A successful rally above them could change the recent neutral mode to bullish, testing the 147.10 resistance and the eight-year peak of 148.40.
On the other hand, a continuation of the recent retreat could open the door for a touch of the 200-day SMA at 140.80 and the 20-day SMA at 140.45. Below these lines, the 38.2% Fibonacci at 139.20 and the 138.00 round number may halt bearish actions. However, if the bears break that level too, this could take the market towards 137.40 and 136.35, which is the 50.0% Fibonacci, shifting the bias to bearish again.
All in all, EURJPY is looking neutral in the short-term timeframe and traders need to wait for a jump above 142.70 or a drop below 138.00.
Related Posts: