Technical Analysis – EURJPY battles with 50-day SMA as decline halts
EURJPY has been experiencing a sharp drop after its latest advance came to a halt at the eight-year high of 145.62. However, in the last couple of sessions, the pair has managed to stop its bleeding as the 50-day simple moving average (SMA) has been acting as a strong floor.
The short-term oscillators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI is flatlining below its 50-neutral mark, while the MACD histogram is retreating below its red signal line but remains in the positive zone.
If the price profoundly crosses below its 50-day SMA, the recent support zone of 138.70, which overlaps with the upper boundary of the Ichimoku cloud, might act as the first line of defence. Should that floor collapse, the pair could descend towards the recent low of 137.30. Any further drop could then cease at 135.50 before the July low of 133.40 comes under examination.
To the upside, bullish moves could encounter immediate resistance at the 140.25 barrier. A break above the latter could turn the spotlight to 142.30, which has acted both as resistance and support in the last two months. Failing to halt there, the bulls may aim at the June peaks of 144.27 before the eight-year high of 145.62 appears on the radar.
Overall, despite its recent retreat, EURJPY is retaining its positive short-term picture. Nevertheless, a clear close beneath the 50-day SMA could ignite further selling interest, increasing sellers' hopes for a sustained downfall.
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。