EUR/JPY: Euro advanced to its 500 EMA in the 60 minutes price chart

Denis Joeli Fatiaki Independent Analyst

EUR/JPY: Euro advanced to its 500 EMA in the 60 minutes price chart

What is going on now with EUR/JPY?

EUR/JPY: The Euro broke through 128.370 in the 60 minutes price chart as highlighted in Fridays update and took out two of the estimated targets at 128.530 and 128.660 before pulling back towards the end of Friday's session.

Our forecast

EUR/JPY: The Euro reached its 500 EMA at 128.660 at the end of Friday's session but failed to continue and pulled back and closed the trading session at 128.190. The Euro held on above 128.295 in the 60 minutes price chart during today's opening session and advanced to the upside. The pair took out two long targets at 128.370 and 128.530 before proceeding to its 500 EMA at 128.605. The Euro needs to remain above 128.530 to continue to the upside. The pair could retreat to 128.370 and 128.295 if it fails at 128.530 support.

Support/short -128.530, 128.370, 128.295, and128.160

Resistance/Long -128.660, 128.770, and 128.945

Chart 1: The short-term view of the EUR/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the EUR/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

We explain the market movements and help guide you to possibly make the right decision on when to enter, apply stop loss to protect your capital, take profit and exit your position.

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.