EUR/JPY analysis: recovery seems corrective, 119.70 key
|EUR/JPY Current price: 119.37
The EUR/JPY pair recovered some ground as the yen edged lower, weighed by bouncing US yields, on renewed hopes the US administration is ready to unveil a program to boost growth and inflation. There were no major releases in Japan, although the country will release retail trade and industrial production figures during the upcoming Asian session. The Japanese yen trimmed most of its Friday losses, but the recovery seems so far corrective, as in the 1 hour chart, the price remains below a bearish 100 SMA, now capping the upside around 119.20, whilst technical indicators consolidate near overbought territory, with no signs of changing course just yet. In the 4 hours chart, technical indicators have bounced from oversold readings, maintaining bullish slopes around their mid-lines whilst the 100 and 200 SMAs head sharply lower far above the current level. The pair needs to advance beyond 119.70, the 38.2% retracement of the October/December bullish run to reverse the dominant bearish trend.
Support levels: 118.70 118.25 117.70
Resistance levels: 119.70 120.10 120.55
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.