Technical Analysis – EURJPY hovers below 31-month high



EURJPY is strongly positive as it reached a fresh 31-month peak at 132.40 on April 29. The MACD is standing beyond the trigger and zero lines, though, the RSI is losing ground above the 50 level. The short-term simple moving averages (SMAs) are heading north, approaching the current market price.

The short-run risk is looking neutral-to-positive at the moment and another retest of the 132.40 high is likely. Particularly, a decisive close above the aforementioned level might what the bulls are eagerly waiting for to rally towards the 133.47 level, registered in April 2018. Higher, the price may initially stall around the 137.50 mark, taken from the high in January 2018.

To the downside, the 130.93 nearby support area may add some footing to the market, but a violation at this point may not attract much attention unless the price slumps below the 129.65 support. Negative momentum could further strengthen if the 23.6% Fibonacci retracement level of the upleg from 114.40 to 132.40 at 128.28 is breached as well, with the 127.38 obstacle appearing next in the radar.

In brief, EURJPY has been in an upside move since May 2020 and only a decline below the 200-day SMA around 126.26 may change this view.  

Latest News

Weekly Comment – More pain for USD or will the Fed let something slip?


Technical Analysis – NZDUSD gains impetus within bullish channel


US Open Note – US retail sales disappoint with minor impact on greenback



Week Ahead – Inflation scare shakes markets, European PMIs next

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.