XM does not provide services to residents of the United States of America.

Technical Analysis – EURJPY fails to rise above 200-day SMA



EURJPY has been under selling pressure after its latest advance got rejected at the 145.56 territory in early March. Even though the pair managed to halt its retreat and attempt a rebound, its 200-day simple moving average (SMA) has repeatedly curbed the upside.

The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI is ticking upwards but remains below its 50-neutral mark, while the MACD histogram is below both zero and its red signal line.

If the pair extends its decline, the 140.15 support could act as the first line of defence. Sliding beneath that floor, the price could descend towards 139.54 before the March bottom of 138.20 appears on the radar. Even lower, further declines may cease at the 137.91 barrier.

Alternatively, should the bulls manage to propel the price above its 200-day SMA, initial resistance might be found at 142.14, which overlaps with the 50-day SMA. Violating that zone, the pair could challenge the 142.93 resistance territory. If that hurdle fails, the 2023 high of 145.56 may come under examination.

In brief, EURJPY seems unable to alter its short-term picture back to positive as the 200-day SMA continues to act as strong resistance. Therefore, the pair could experience more losses in case the price fails again to reclaim this barricade. 


Related Assets


Latest News

Technical Analysis – EURUSD in a dramatic downfall

E

Technical Analysis – GBPJPY bounces to 14-year high; eyes on 201 resistance

G

Technical Analysis – USDCAD remains bullish with weak momentum

U

A

Midweek Technical Look – Gold, GBPUSD, EURJPY

G
G
E

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.

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