EURJPY continues to fall in the descending channel. The market found resistance at the 50-day moving average on March 11, thereby halting the rally that started from 122.06 on March 1. Prices have subsequently fallen since then, remaining below the middle line of the descending channel, trading in a range formation. Prices are mostly bound between the 38.2% and 23.6% Fibonacci retracement levels of the upleg from 122.06 to 127.27. These levels are at 125.30 and 126.08. The 50% Fibonacci is also an important support level that held on Tuesday after the big dip in prices to 124.66.

A move below the 50% Fibonacci could increase downside momentum and indicate a top is in place at 127.27. RSI has just dipped below 50, which indicates a downside bias. The overall outlook is bearish as the market remains below falling 50 and 200-day moving averages, suggesting that the EURJPY pair has further downside to go.

EURJPY

Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD holds above 0.6500 in thin trading

AUD/USD holds above 0.6500 in thin trading

The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.

AUD/USD News

EUR/USD comfortable below 1.0800 lower lows at sight

EUR/USD comfortable below 1.0800 lower lows at sight

The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.

EUR/USD News

Gold pulls away from daily highs, holds above $2,200

Gold pulls away from daily highs, holds above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.

Gold News

Google starts indexing Bitcoin addresses

Google starts indexing Bitcoin addresses

Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.

Read more

A Hollywood ending for fourth quarter GDP

A Hollywood ending for fourth quarter GDP

The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.

Read more

Majors

Cryptocurrencies

Signatures