The common European currency is trading in a triangle-like formation against the Japanese Yen. The currency pair re-tested the bottom border of the pattern during last week’s session.
A breakout through the upper boundary of the triangle pattern occurred during the first part of Monday’s trading session.
Given that a breakout had occurred, the next target for the currency exchange rate will be at the upper boundary of a downtrend line at 129.56.
However, a resistance level formed by the 200-hour simple moving average at 128.95 could hinder the rate from hitting the target today.
A breakout through the upper boundary of the triangle pattern occurred during the first part of Monday’s trading session.
Given that a breakout had occurred, the next target for the currency exchange rate will be at the upper boundary of a downtrend line at 129.56.
However, a resistance level formed by the 200-hour simple moving average at 128.95 could hinder the rate from hitting the target today.
Comment:
The common European currency depreciated about 100 base points against the Japanese Yen on Tuesday. The currency pair breached a support cluster at 128.58 during yesterday’s session.
However, Wednesday's trading session begins with a bullish momentum, and by the middle of the day, the EUR/JPY exchange rate had gained about 61 bases points.
Technical indicators flash a sell signal both on the 4(H) and the daily time frames. Therefore, a potential southern reversal could occur at a swing high of 129.00 during the following trading session.
However, Wednesday's trading session begins with a bullish momentum, and by the middle of the day, the EUR/JPY exchange rate had gained about 61 bases points.
Technical indicators flash a sell signal both on the 4(H) and the daily time frames. Therefore, a potential southern reversal could occur at a swing high of 129.00 during the following trading session.
Comment:
The single European currency appreciated by about 94 base points against the Japanese Yen on Wednesday. The currency pair dashed through the three SMAs during yesterday’s session.
As for the near future, it is likely that the EUR/JPY currency exchange rate continues its upward movement and potential breach the upper boundary of a triangle-like formation pattern at 129.19 during the following trading session.
However, a resistance level formed by the monthly PP at 128.95 could hinder the exchange rate from the possible breakout today.
As for the near future, it is likely that the EUR/JPY currency exchange rate continues its upward movement and potential breach the upper boundary of a triangle-like formation pattern at 129.19 during the following trading session.
However, a resistance level formed by the monthly PP at 128.95 could hinder the exchange rate from the possible breakout today.
Comment:
Downside risks prevailed in the market on Friday, thus sending the common European currency to plunged by about 109 base points against the Japanese Yen.
However, Monday’s trading session begins with a strong bullish momentum, and by the middle of the day, the exchange rate has gained about 98 base points of its values.
Currently, the pair is trading near a resistance cluster formed by the weekly and the monthly PPs at 128.89.
If this cluster holds, the EUR/JPY currency exchange rate will make a brief retracement down towards a support level set by the weekly PP at 128.36 with this session.
However, Monday’s trading session begins with a strong bullish momentum, and by the middle of the day, the exchange rate has gained about 98 base points of its values.
Currently, the pair is trading near a resistance cluster formed by the weekly and the monthly PPs at 128.89.
If this cluster holds, the EUR/JPY currency exchange rate will make a brief retracement down towards a support level set by the weekly PP at 128.36 with this session.
Comment:
Upside risks dominated the common European currency versus the Japanese Yen on Monday. The currency pair appreciated by about 98 base points during yesterday’s session.
However, the surge was halt by a strong resistance cluster formed by the combination of the weekly and the monthly PPs at 128.89.
Technical indicators on the daily time frame suggest that the EUR/JPY currency exchange rate might continue its decline today.
If this decline continues, the pair could aim at the lower boundary of an ascending trendline at 128.00 during the following trading session.
However, the surge was halt by a strong resistance cluster formed by the combination of the weekly and the monthly PPs at 128.89.
Technical indicators on the daily time frame suggest that the EUR/JPY currency exchange rate might continue its decline today.
If this decline continues, the pair could aim at the lower boundary of an ascending trendline at 128.00 during the following trading session.
Comment:
The common European currency traded sideways against the Japanese Yen on Tuesday. The currency pair was moving along the three moving averages during the previous trading session.
The exchange rate breached a traditional weekly pivot point at 128.40 during the first part of Wednesday’s session.
Given that the EUR/JPY has breached the weekly PP, the common scenario would be a decline towards the lower boundary of an ascending trendline at 128.80 during the following trading session.
However, technical indicators suggest that this decline might not happen immediately.
The exchange rate breached a traditional weekly pivot point at 128.40 during the first part of Wednesday’s session.
Given that the EUR/JPY has breached the weekly PP, the common scenario would be a decline towards the lower boundary of an ascending trendline at 128.80 during the following trading session.
However, technical indicators suggest that this decline might not happen immediately.
Comment:
The single European currency appreciated about 100 base points against the Japanese Yen on Wednesday. The currency pair dashed through a resistance cluster formed by the weekly and the monthly PPs at 128.95 during the end of yesterday’s session.
The exchange rate broke a medium-term triangle pattern during Wednesday’s trading session.
Given that a breakout had occurred, the next target for the currency exchange rate will be at a swing high of 130.17.
However, a brief pullback towards the three SMAs at 128.56 is expected within this session.
The exchange rate broke a medium-term triangle pattern during Wednesday’s trading session.
Given that a breakout had occurred, the next target for the currency exchange rate will be at a swing high of 130.17.
However, a brief pullback towards the three SMAs at 128.56 is expected within this session.
Today’s session begins with a bearish sentiment and by the middle of the European trading session on Tuesday, the currency pair has dashed through all three SMAs and a support level formed by the weekly PP at 128.53.
By and large, it is likely that the bearish momentum continues to dominate the EUR/JPY pair within this session and potentially aim at a swing low of 127.60 during the following trading session.