EUR/JPY Technical Analysis: eroding key rising trendline, recovery rally falling apart


  • The EUR/JPY is feeling the pull of gravity in Asia, having charted back-to-back daily doji candles.
  • The bullish exhaustion/indecision signaled by doji candles would gain more credence if the pair closes today below the previous day's low of 129.39.
  • The bearish daily close is more likely to happen as the currency pair is eroding trendline rising from the Oct. 26 low of 126.63, as can be seen in the 4-hour chart below. Further, the relative strength index (RSI) has turned bearish below 50.00.
  • The corrective rally will likely resume if the spot finds acceptance above the weekly high of 130.15.

Hourly Chart

Trend: Bearish

EUR/JPY

Overview:
    Last Price: 129.33
    Daily change: -17 pips
    Daily change: -0.131%
    Daily Open: 129.5
Trends:
    Daily SMA20: 128.89
    Daily SMA50: 129.91
    Daily SMA100: 129.51
    Daily SMA200: 130.27
Levels:
    Daily High: 130.15
    Daily Low: 129.39
    Weekly High: 129.34
    Weekly Low: 127.24
    Monthly High: 132.49
    Monthly Low: 126.63
    Daily Fibonacci 38.2%: 129.68
    Daily Fibonacci 61.8%: 129.86
    Daily Pivot Point S1: 129.21
    Daily Pivot Point S2: 128.92
    Daily Pivot Point S3: 128.46
    Daily Pivot Point R1: 129.97
    Daily Pivot Point R2: 130.43
    Daily Pivot Point R3: 130.72

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Teasing range breakdown ahead of Powell speech

EUR/USD has been restricted to a narrow range of 1.1115-1.1063 since last Friday. The pair is currently probing the lower edge of the trading range. A range breakdown, if any, could trap sellers on the wrong side of the market if Fed's Powell sounds dovish.

EUR/USD News

GBP/USD retraces from 3-week high while heading into G7, Jackson Hole

GBP/USD trims latest gains as Tories warn PM Johnson. The increasing scope of soft Brexit triggered the pair’s earlier surge. G7, global central bankers’ appearance at Jackson Hole will be followed for fresh impulse.

GBP/USD News

USD/JPY: Yen dips as Japan's inflation hovers at 2-year lows

The Japanese Yen is losing altitude in Asia, possibly due to dismal Japanese inflation data and the resulting rise in the dovish Bank of Japan (BOJ) expectations. Japan's core inflation remained at two-year lows in July.

USD/JPY News

Gold: Looks south with symmetrical triangle breakdown on 4H

Gold has dived out a symmetrical triangle pattern on the 4-hour chart. The daily chart indicators also favor a drop to $1,480. Essentially, sellers have come out victorious in a tug of war with the bulls.

Gold News

The audiences of Chairman Powell

The FOMC vote in July to drop the fed funds rate 0.25% for the first time since December 2008 was 8-2 with some members who approved the reduction doubting its logic or necessity. 

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •