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 extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

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.