Technical Analysis – EURJPY heads towards 3-month low again

Posted on October 29, 2020 at 9:11 am GMT

EURJPY reached a fresh three-month low of 122.16 on Wednesday, continuing the sell-off in the short-and medium-term timeframes. The RSI indicator is ticking lower in the negative territory, while the MACD oscillator is flattening below its trigger and zero lines. Also, the 20- and 40-period simple moving averages (SMAs) are sloping down, confirming the recent bearish structure. Immediate support could come from the three-month trough of 122.16 before meeting the 121.95 barrier, taken from the inside swing high on July [..]


Daily Market Comment – Euro under fire as new lockdowns loom

Posted on October 28, 2020 at 9:23 am GMT

Euro on the chopping block ahead of potential French lockdown Markets in a sour mood overall as Trump pulls ahead in Florida polls Stocks under heavy pressure, defensive yen shines Coming up: Central bank decisions in Canada and Japan Euro finally wakes up to the risks The single currency is taking heavy fire on Wednesday and European equity markets are a sea of red, as investors slash their exposure to euro-denominated assets ahead of a potential lockdown announcement in France. [..]

Technical Analysis – EURJPY lacks direction but trendline is a ray of hope

Posted on October 27, 2020 at 8:45 am GMT

EURJPY could not close above its 50-day simple moving average (SMA) for the second time this month despite piercing it, pulling back into the 123.00 area. The above bearish action kept the market trajectory from the 127.06 peak on the downside, but the short-term ascending trendline that has been navigating the price since the drop to 122.36 is a ray of hope that the pair may attempt to regain ground and re-challenge its 50-day SMA and the 124.00 region. That said, the [..]

Week Ahead – ECB, BoC, and BoJ serve as appetizers for US election

Posted on October 23, 2020 at 10:08 am GMT

With less than two weeks to go until the US election, markets are on red alert as opinion polls in key battleground states have tightened. In the meantime, there are three central bank meetings and a ton of data to keep things exciting. The ECB could steal the show by opening the door for more stimulus, to negate the risk of a double-dip recession as the virus rampages through Europe. The central banks of Canada and Japan will meet too, [..]


Technical Analysis – EURJPY remains in consolidation, positive momentum feeble

Posted on October 22, 2020 at 9:26 am GMT

EURJPY has been in a downside tendency over the last sessions, holding within the Ichimoku cloud and the short-term simple moving averages (SMAs). The RSI indicator is losing momentum beneath the 50 level, while the MACD is falling below its trigger line. Also, the red Tenkan-sen line is pointing down and the blue Kijun-sen line is moving sideways, suggesting fading upward momentum. In the event of a downside reversal below 123.75, the 123.34 support level and the 123.00 psychological mark may ease the selling pressure. [..]

Eurozone PMIs: Putting a double-dip recession on the map? – Forex News Preview

Posted on October 21, 2020 at 9:31 am GMT

The Eurozone’s preliminary PMIs for October will hit the markets at 08:00 GMT Friday and will reveal just how much damage businesses have suffered by the second wave of coronavirus that is rampaging through Europe. The euro has not reacted much so far to the restrictions and curfews imposed in many countries, but that could change if the PMIs spark fears of another negative GDP print in Q4. Covid rages on European coronavirus infections have sadly gone through the roof [..]


Technical Analysis – EURJPY pushes off 100-day SMA; maintains bullish influence

Posted on October 20, 2020 at 8:37 am GMT

EURJPY, although turning higher from the 100-day simple moving average (SMA) at 123.51, appears to be steering into a sideways market. The fairly flattened slopes of the 50- and 200-day SMAs are piloting a more horizontal price formation, while the intact bullish bias in the SMAs and the rising 100-day one are upholding the positive structure. The short-term oscillators are reflecting a pickup in positive momentum. The MACD has merged with its red signal line marginally below the zero mark, [..]

Daily Market Comment – Wall Street storms back, but currencies don’t play along

Posted on October 16, 2020 at 8:30 am GMT

US stocks trim losses, close almost unchanged as Trump hints at higher stimulus offer Yet, the currency arena doesn’t get the memo – dollar holds onto gains Most likely just a reflection of euro and sterling weakness Coming up: US retail sales today, New Zealand election over the weekend Equity and currency markets dance to different tunes Global markets are torn between conflicting narratives, with fears around new virus restrictions in Europe that could cripple the recovery being mostly neutralized [..]

Technical Analysis – EURJPY loses some momentum above 23.6% Fibo

Posted on October 13, 2020 at 6:39 am GMT

EURJPY has come under renewed selling interest, falling back below the 40-day simple moving average (SMA) and near the 23.6% Fibonacci retracement level of the up leg from 114.40 to 127.07 at 124.06. In technical indicators, the MACD is gaining some ground above its trigger line, but it is still standing marginally below the zero level. The RSI indicator is pointing down in the positive territory, suggesting a downside pullback in the price. However, if the price remains above the 23.6% Fibonacci, it could [..]

Technical Analysis – EURJPY rallies above 124.00; retests bearish trend reversal pattern

Posted on October 6, 2020 at 7:40 am GMT

EURJPY had a constructive day on Monday, bouncing sharply back into the 124.00 area until it met strong resistance around the 50-day simple moving average (SMA). The positive correction closed marginally above the 124.40 neckline of a bearish head and shoulder pattern, and it remains to be seen if the pair can sustain strength above that level, eliminating the risk of a down-trending market. Still, the momentum indicators have yet to show a clear bullish bias, suggesting that the bears have not fully faded. [..]

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