Technical Analysis – Where next for EURJPY?
June 20, 2023 8:27 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
EURJPY experienced a huge week after a bullish triangle breakout, appreciating by more than 3.0% to an almost 15-year high of 155.37 in what was the fastest rally in more than a decade.
The bulls are trying to revive their positive momentum near their recent highs as the RSI and the stochastic oscillator are flagging overbought conditions. Note that the MACD is currently testing a former peak area, raising some caution too.
The nearest obstacle could be around 156.00, where the resistance trendline which connects all the highs from January 18 is positioned. A significant extension higher could lift the price up to the 2007-2008 constraining zone of 159.40-160.00, unless the 157.55 barrier cools upside pressures beforehand.
In the case the price stalls around the 161.8% Fibonacci extension of the 151.60-146.12 downfall at 155.00, the focus will turn to the broken long-term ascending line from August 2020 at 153.75. Failure to pivot there might provoke a quick downfall into the 152.30-151.60 area, where April’s ascent topped. The 20-day simple moving average (SMA) is converging to the same region, while slightly lower, the pair may look for support within the 150.50- 150.00 territory before the 50-day SMA comes under examination.
All in all, the latest spike in EURJPY could motivate some profit-taking, especially if the pair proves unable to claim the 155.00-156.00 zone.
Related Posts: