- A bullish-engulfing candle pattern in the EURJPY daily chart could open the door for further gains.
- If the EURJPY struggles at 146.00, a fall towards 144.00 is on the cards, ahead of the 50-day EMA at 143.15.
The EURJPY rises during the North American session, forming a bullish-engulfing pattern in the daily chart, nearby the weekly lows at around 144.00, and set to finish the week with losses of 0.66%. At the time of writing, the EURJPY is trading at 145.89, above its opening price by almost 1%.
EURJPY Price Analysis: Technical outlook
As abovementioned, the EURJPY daily chart depicts a two-candle bullish formation that suggests upward pressure is mounting on the pair. The Relative Strength Index (RSI) offers further confirmation, as the oscillator dived towards the 50-midline, but as price action spiked towards the fresh two-day high shy of 146.00, the RSI slope turned bullish, in sync with the EURJPY price action.
If the EURJPY clears the 146.00 figure, it will pave the way for further gains. Firstly, the November 2 daily high at 146.48, followed by the 147.00 figure, ahead of the October 31 swing high at around 147.74.
On the other hand, failure to crack 146.00, the EURJPY could tumble towards the November 3 swing low at 144.03. A breach of the latter will expose crucial demand zones like the 50-day Exponential Moving Average (EMA) at 143.15, ahead of the psychological 143.00 figure and the 142.00 mark.
EURJPY Key Technical Levels
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.
Recommended content
Editors’ Picks
AUD/USD maintains its constructive bias above 0.6600
Further weakness in the US Dollar prompted AUD/USD and the rest of the risk-associated space to regain some balance and surpass once again the key barrier at 0.6600 the figure.
EUR/USD finds thin gains on Monday, but technicals weigh heavy ahead of US inflation updates
EUR/USD found slim upside on Monday, climbing from early bids near 1.0770 but bullish momentum remains limited with the pair struggling to break above the 1.0800 level.
Gold loses its bright amid mixed market mood
Gold prices retreated sharply on Monday from near $2,350 even though US Treasury yields declined, undermining appetite for the Greenback. Traders brace for a busy economic docket in the United States. The XAU/USD trades around $2,336, down 1% amid a risk-on impulse.
Top meme coins post gains following increased social activity amid GameStop pump
Meme coins in the crypto market saw impressive gains on Monday following a recent surge in GameStop stock. The increased attention surrounding these tokens signifies a potential resumption of the meme coin frenzy of March.
Dow Jones Industrial Average stumbles on Monday after consumer inflation outlook rises
DJIA kicked off the new trading week softly higher before getting knocked back after the Federal Reserve Bank of New York revealed that consumer inflation expectations for the coming year accelerated to 3.3%.