EUR/JPY Breaks Over Double Top - Is 122.650 Next Stop?

EagleFX Team EagleFX

On Monday, the EUR/JPY is trading at 122.164, with a strong bullish bias. It looks like the demand for safe-haven assetsfading as investors are moving their funds into the Euro, Sterling, and peer currencies.

The U.S. & China will sign their first phase of the trade deal on 15th January, which will help in reducing the slowdown of the global economy and will possibly support the U.S. dollar.

Furthermore, the tensions between the U.S. & Iran also came to an uncertain end on Friday when the U.S. imposed sanctions on many sectors of Iran and its 8 top officials. The response from Iran is expected as the same sanctions on the U.S. However, it is unclear how Iran will respond now. The U.S. President Donald Trump has said that these sanctions will remain until Iran started to change its behavior.

Support	Pivot Point	Resistance
121.58	121.71	121.9
121.39		122.03
121.08		122.35

Technically speaking, the EUR/JPY has violated the primary resistance level of 122.050. Closings of 4-hour candles above 122.100 resistance level may drive the bullish trend in the EUR/JPY currency pair. On the higher side, the EUR/JPY pair may continue to trade higher until 122.650 today.

EUR/JPY Trade Setup

Buy Above 121.950

Take Profit 122.500

Stop Loss 121.750

Try Secure Leveraged Trading with EagleFX!

Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

EUR/USD consolidates around 1.0900, bullish bias remains ahead of key US data

The EUR/USD pair is seen consolidating its strong gains registered over the past two days and oscillating in a narrow band during the Asian session on Tuesday. Spot prices currently trade around the 1.1900 mark, just below an over one-week high touched the previous day.

GBP/USD edges lower below 1.3700 on UK political risks, BoE rate cut bets

The GBP/USD pair trades on a weaker note around 1.3685 during the European session on Tuesday. The Pound Sterling edges lower against the US Dollar amid political risk in the United Kingdom and rising expectations of near-term Bank of England rate cuts.

Gold: Will US Retail Sales data propel it above $5,100?

Gold hovers below weekly highs of $5,087 early Tuesday, await US Retail Sales data. The US Dollar enters a downside consolidation phase amid persistent Japanese Yen strength and worsening labor market. Gold settled Monday above $5,000, now looks to take out $5,100 amid bullish daily RSI.

Top Crypto Gainers: World Liberty Financial, MemeCore and Quant gain momentum

World Liberty Financial, MemeCore, and Quant are leading gains over the last 24 hours as the broader cryptocurrency market stabilizes after last week’s correction. Still, the technical outlook for altcoins remains mixed due to prevailing downside pressure and vulnerable market sentiment.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.