-
EUR/JPY stuck in a tight range during September.
-
Hovers a tad below 15-year peaks supported by 50-day SMA.
-
Momentum indicators are tilted slightly to the bullish side.
EURJPY has been in a prolonged uptrend since the beginning of the year, posting a fresh 15-year peak of 159.75 on August 31. Since then, the price has been trading without a clear direction around the 158.00 handle, while the short-term oscillators are reflecting a neutral-to-positive near-term bias.
If buying interest intensifies, the bulls might attempt to re-test the recent 15-year high of 159.75. Jumping above that zone, the pair could storm to fresh multi-year highs, where the February 2008 peak of 161.38 may curb further advances. Failing to halt there, the price could then ascend to challenge the April 2008 high of 164.97.
On the flipside, should the pair violate the 50-day simple moving average (SMA), immediate support could be found at 157.04, which held strong twice in September. A break below that zone could trigger a retreat towards 153.31. Even lower, the July bottom of 151.39 may prove to be a tough hurdle for the bears to overcome.
In brief, EURJPY has been trading in a range during the past month, appearing to be lacking directional impetus. Will the period of low volatility be followed by a spike?
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
EUR/USD bounces back, trades above 1.0860
EUR/USD bounced from a fresh weekly low of 1.0827, as the US Dollar lost steam following a weak ISM Manufacturing PMI report and words from Federal Reserve Chair Jerome Powell. Powell reiterated its hawkish message, dismissing potential rate cuts in the near future.
GBP/USD turns north ahead of the weekly close, approaches 1.2700
GBP/USD extended its rebound from near 1.2600 and is approaching 1.2700 on the back of a weaker US Dollar. The Greenback accelerated to the downside following comments from Fed’s Powell.
Gold resumes advance and approaches record highs
Gold remains near record highs and achieved its highest monthly close ever in November. Global bond yields continue to decline as inflation further cools, supporting the upside in XAU/USD. With central banks expected to remain on hold, the focus will be US labor market data.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem will see airdrops from projects like Jupiter, Marginfi, Drift, Zeta and Jito. Solana users are projected to increase between 30% and 80% from native token launches, according to Messari’s latest report. SOL price extends rally, yielding nearly 4% daily gains.
Tesla Stock News: Cybertruck excitement fails to sustain TSLA price as chart signals more downside
TSLA stock sinks three days in a row despite Cybertruck unveiling. Analysts conclude that Cybertruck will find it difficult to turn a profit. TSLA stock is the midst of forming a bearish Three Black Crows pattern on the daily chart.