Technical Analysis – EURJPY holds steady in a range
October 29, 2013 9:18 am
On the longer term weekly chart the EURJPY uptrend remains intact, supported by a stronger euro and broad yen weakness. The main driver of the EURJPY pair will be the Bank of Japan policy announcement expected on Thursday.
Today the pair appears to be taking a pause from its upward momentum, trading in a 40-pip range so far. EURJPY on the hourly chart has steadied after falling 0.4% from Monday’s open to current levels around 134.25 where the pair has found support.
If this support level fails, the next support level is at 133.86, which is the October 25th low. On the upside, resistance is seen around the 134.51 – 134.54 level, created by the 50-period moving average which is capping the pair, as well as the lows of Monday’s range.
Above these levels, the next resistance level is at 134.92, which is the upper level of Monday’s range.
The RSI indicator is hovering just below the 50 line, which demarcates bullish and bearish territory.
On the longer term weekly chart the EURJPY uptrend remains intact, supported by a stronger euro and broad yen weakness. The main driver of the EURJPY pair will be the Bank of Japan policy announcement expected on Thursday.
Today the pair appears to be taking a pause from its upward momentum, trading in a 40-pip range so far. EURJPY on the hourly chart has steadied after falling 0.4% from Monday’s open to current levels around 134.25 where the pair has found support.
If this support level fails, the next support level is at 133.86, which is the October 25th low.
On the upside, resistance is seen around the 134.51 – 134.54 level, created by the 50-period moving average which is capping the pair, as well as the lows of Monday’s range.
Above these levels, the next resistance level is at 134.92, which is the upper level of Monday’s range.
The RSI indicator is hovering just below the 50 line, which demarcates bullish and bearish territory.
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