EUR/JPY: Mildly bid in Asia after back-to-back doji candles


  • Back-to-back doji candles on EUR/JPY’s daily chart show seller exhaustion.
  • A big move on the higher side, however, may remain elusive, courtesy of trade tensions.

EUR/JPY is attempting gains this Friday morning in Asia amid signs of seller exhaustion on technical charts.

The currency pair is currently trading at 122.86, representing 0.10% gains on the day, having hit a high of 122.97 earlier today.

The minor gains come after back-to-back doji candles created in the previous two trading days. A doji is widely considered a sign of indecision in the marketplace.

In EUR/JPY’s case, however, that candle represents seller exhaustion. After all, it has appeared after a sell-off from 126.68 to 122.00.

The pair, however, may have a tough time capitalizing on bearish exhaustion if trade tensions keep risk assets under pressure. As of writing, the futures on the S&P 500 are lacking a clear direction. The index gained 25 points or 0.89% on Thursday.

The bid tone around the EUR may strengthen in Europe if Eurozone’s final consumer price inflation for April prints above the preliminary estimate of 0.7% month-on-month growth.

Pivot points 

    1. R3 123.4
    2. R2 123.19
    3. R1 122.97
  1. PP 122.76
    1. S1 122.54
    2. S2 122.33
    3. S3 122.11



 

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