- The market attempting to base near term, testing 21-DMA.
- Dips lower to find support at the 55-day ma at 118.32/28.
Now testing the 21-day moving average and a 61.8% Fibonacci confluence, overcoming the 6-month downtrend at 118.77 and rising from 116.58/115.87 recent lows of late, the cross is now up to test the above the 120.00/05 (recent high and 38.2% Fibonacci retracement) and bulls are well on their way to the June lows at 120.79/96 which comes before the 121.38 late July high and the 200-day moving average of 122.32.
"The market is possibly attempting to base near term and the close above 120.05 adds weight to that view. Dips lower will find support at the 55-day ma at 118.32/28 ahead of the 117.45 uptrend," analysts at Commerzbank argued. On the downside and wide, bears can target 115.87 ahead of the 2017 low at 114.86.
EUR/JPY weekly chart
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.