EUR/JPY: the Bull may keep pushing the price upside

EagleFX Team EagleFX

EUR/JPY seems to have found its support from where it has been heading towards the North for the last few days. The pair produced a daily doji candle last Tuesday. Since then, the price has been bullish but has lost its momentum a little. Nevertheless, the pair may keep going towards the upside if the price makes a breakout on the intraday charts.

The chart shows that the price has found its support at the level of 120.420. It consolidated at the level for a while. Then it has been heading towards the North by producing consecutive bullish candles. The last three candles are bullish biased having tiny bullish bodies. As mentioned, any bullish breakout on the intraday charts may push the price towards the North further with good bullish momentum. Today’s intraday charts make things interesting. The H4 chart looks choppy, whereas the H1 chart looks a bit bullish biased. Let us have a look at them.

The H4 chart shows that the price has been roaming around within two horizontal levels. The level of 122.515 has been working as the level of support, and the level of 122.845 has been working as the level of resistance. The price may consolidate more within this level as far as the H4 chart’s price action is concerned.

The chart shows that the price is about to produce a double bottom at the level of 122.650. As of writing, the last candle is not finished yet. If it comes out as a bullish engulfing candle, the buyers may wait for an upside breakout at the level of 122.845 to go long on the pair. The price may find its next resistance at the level of 123.530. On the other hand, if the price comes down and makes a bearish breakout at the level of 122.650, it may find its next support at the level of 122.160. Considering the risk-reward and daily trend, the buyers have the upper hand.

The daily and the H1 charts look suitable for the buyers. The H4 chart is neutral so far, but it may get bullish soon as well. The daily chart also shows that the nearest significant swing high is at the level of 126.700. This is going to be another factor, which may attract the buyers to look for long opportunities on the pair.

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 off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.