EUR/JPY remains on the back foot while trading around 125.50, down 0.1% on a day. Therefore, the uptrend at 125.61 is being eroded and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is looking to the downside, specifically to the 124.34 mark.

Key quotes

“EUR/JPY is eroding trend line support at 125.61 but only just! It is also failing at the 2014-2020 resistance line at 127.38.”

“The recent high at 127.07 has been accompanied by a divergence of the daily RSI and our attention has reverted to the downside and we would allow for losses to the 124.34 10th August low.” 

“Below 124.34 would target the January high at 122.88. The latter guards the July low at 120.28.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD rises above 1.0900 after upbeat EU data

EUR/USD rises above 1.0900 after upbeat EU data

EUR/USD has gained traction and climbed above 1.0900 in the European session after the upbeat sentiment data from the Eurozone area helped the Euro gather strength. Meanwhile, the US Dollar stays on the back foot despite the cautious market mood. 

EUR/USD News

GBP/USD gains traction, trades above 1.2400

GBP/USD gains traction, trades above 1.2400

GBP/USD has gathered recovery momentum and advanced beyond 1.2400 on Monday. The modest selling pressure surrounding the US Dollar ahead of key central bank policy announcements later this week seems to be helping the pair push higher.

GBP/USD News

Gold finds support, rebounds to $1,930 area

Gold finds support, rebounds to $1,930 area

Gold price has recovered toward $1,930 and erased its daily losses. With the benchmark 10-year US Treasury bond yield gaining more than 1% on the day above 3.5%, however, XAU/USD is struggling to gather further bullish momentum.

Gold News

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Cardano network’s large wallet investors have started selling or redistributing their holdings. ADA price has broken out of the multi-month downtrend and the next bullish target represents a 10% climb. 

Read more

ECB cheat sheet: Wake up, this isn’t the Fed

ECB cheat sheet: Wake up, this isn’t the Fed

A 50bps hike by the ECB, and a repeat of its December guidance, are set in stone but a pushback against subsequent cut expectations will move 5Y euro rates higher.

Read more

Forex MAJORS

Cryptocurrencies

Signatures