Can EURJPY push a bit lower in the short-run?
A QUICK TECHNICAL OVERVIEW
The technical picture of EURJPY on our 4-hour chart shows that after a strong run to the upside that the pair experienced through the month of June, now it is starting to show signs of weakness, after finding resistance near the 158.00 territory. The rate recently fell below a short-term upside support line drawn from the low of June 20th. At the time of writing the pair is testing the 50-day EMA.
Although there are signs for a possible further decline, we would still prefer to wait for a strong drop below the 50-day EMA and also below the 156.69 zone, marked by the low of June 30th. If such a move occurs, this could open the door towards the 100-day EMA and the 23.6% retracement on the Fibonacci, or even lower, potentially targeting the 38.2% retracement.
We will scrap the downside scenario in the short-run if EURJPY pushes above the 158.00 zone. Such a move would confirm a forthcoming higher high and could clear the path to some higher areas.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
The technical picture of EURJPY on our 4-hour chart shows that after a strong run to the upside that the pair experienced through the month of June, now it is starting to show signs of weakness, after finding resistance near the 158.00 territory. The rate recently fell below a short-term upside support line drawn from the low of June 20th. At the time of writing the pair is testing the 50-day EMA.
Although there are signs for a possible further decline, we would still prefer to wait for a strong drop below the 50-day EMA and also below the 156.69 zone, marked by the low of June 30th. If such a move occurs, this could open the door towards the 100-day EMA and the 23.6% retracement on the Fibonacci, or even lower, potentially targeting the 38.2% retracement.
We will scrap the downside scenario in the short-run if EURJPY pushes above the 158.00 zone. Such a move would confirm a forthcoming higher high and could clear the path to some higher areas.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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