Technical Analysis – EURJPY forms inverse head and shoulders; advances curbed by 200-MA



EURJPY is currently pushing up against the 200-period simple moving average (SMA) after completing what looks to be an inverse head and shoulders reversal pattern. The SMAs are still promoting a deteriorating trend in the pair but the Ichimoku lines are indicating upward forces have improved.

The short-term oscillators are also reflecting the increase in positive momentum. The MACD is soaring above its red trigger line and is nearing the zero mark, while the RSI is making gains in the bullish territory. Furthermore, the stochastic oscillator is in the overbought zone and has yet to confirm any waning in upward price action.

In the positive scenario, if the pair oversteps the 200-period SMA at 129.37, buyers may encounter prompt upside friction from the 129.55-129.66 resistance band, which is reinforced by the 100-period SMA and the cloud top. Overcoming this tough border, the price could jump to test the 130.18 and 130.27 highs respectively. If buying interest persists, the 130.42 barrier could delay buyers from challenging the resistance zone of 131.63-130.74, moulded by the peaks in early September.

Otherwise, if the 200-period SMA caps additional gains, initial support could commence at the 50-period SMA at 129.00. Moving lower, the support boundary of 128.62-128.76 could attempt to deter sellers from snowballing the price towards the 128.19 low and one-month trough of 127.92.

In conclusion, the inverse head and shoulders pattern has completed its estimated rise in price. The short-term picture remains neutral despite the uptick in the pair. Nonetheless, the SMAs are favouring the downside.

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