The EUR/JPY currency pair has been fully reviewed by the Dukascopy research term on Tuesday. The analyst took a look at the larger time-frame chart to describe the present situation of the pair.
The exchange rate has been trading in two opposite positions on the 4H chart. The most important of which is the descending channel pattern which was formed on February 8 and has been guiding the price lower.
As for the short-term future, the currency exchange rate is likely to target a resistance level set by the weekly pivot point and the 100-hour simple moving average near 129.38 during the following trading session.
The exchange rate has been trading in two opposite positions on the 4H chart. The most important of which is the descending channel pattern which was formed on February 8 and has been guiding the price lower.
As for the short-term future, the currency exchange rate is likely to target a resistance level set by the weekly pivot point and the 100-hour simple moving average near 129.38 during the following trading session.
Comment:
The EUR/JPY currency pair has been trading in a medium-scale triangle pattern since the beginning of August. The pair bounced off its bottom border on August 6 and reached upper boundary yesterday.
A strong resistance level set by the combination of the 55-, 100– hour SMAs and the monthly pivot point near the 128.85 was providing a steep resistance for the exchange rate.
Given that the currency exchange rate has moved closer to the lower border of the medium-scale triangle pattern, a breakout south is likely to occur during the following trading session.
A strong resistance level set by the combination of the 55-, 100– hour SMAs and the monthly pivot point near the 128.85 was providing a steep resistance for the exchange rate.
Given that the currency exchange rate has moved closer to the lower border of the medium-scale triangle pattern, a breakout south is likely to occur during the following trading session.
Comment:
Downside risks dominated the Eurozone single currency against the Japanese Yen on Thursday, as the exchange rate closed the trading session with 120 base points decline. Along the way, the currency pair broke some significant support level. Namely, the bottom border of a downtrend channel and the weekly S1 at 127.8.
By the end of the European trading session on Friday, the exchange rate tested a support cluster formed by the combination of the weekly and the monthly PPs near the 126.9 mark.
If the aforementioned support cluster holds, the EUR/JPY currency exchange rate might make a corrective move to the upside today.
By the end of the European trading session on Friday, the exchange rate tested a support cluster formed by the combination of the weekly and the monthly PPs near the 126.9 mark.
If the aforementioned support cluster holds, the EUR/JPY currency exchange rate might make a corrective move to the upside today.
Comment:
EUR/JPY has been diminishing its trading range for the last two consecutive trading session. This bearish momentum has left the currency pair losing around 380 base points or 2.95% of its value.
The common European currency breached the monthly pivot point at 126.83 and also tested a support cluster set by the combination of the weekly and the monthly PPs near the 125.25 mark.
Technical indicators flash bearish signals for the exchange rate today; This could suggest that a breakout through the lower boundary of a junior descending channel is likely to occur during the following trading session.
The common European currency breached the monthly pivot point at 126.83 and also tested a support cluster set by the combination of the weekly and the monthly PPs near the 125.25 mark.
Technical indicators flash bearish signals for the exchange rate today; This could suggest that a breakout through the lower boundary of a junior descending channel is likely to occur during the following trading session.
Comment:
The Eurozone single currency is gradually gaining strength against the Japanese Yen. The currency pair bounced off its lower boundary of a descending channel on Monday, and as a result, the rate breached the 55-hour simple moving average near the 126.25 mark.
By the middle of the European market on Tuesday, the exchange rate has breached yesterday trading range at 126.76. Moreover, the 55-hour SMA was providing support for the price during the morning hours.
Technical indicators remain bearish on the daily time-frame, it is likely that the Euro slide lower during the following trading session.
By the middle of the European market on Tuesday, the exchange rate has breached yesterday trading range at 126.76. Moreover, the 55-hour SMA was providing support for the price during the morning hours.
Technical indicators remain bearish on the daily time-frame, it is likely that the Euro slide lower during the following trading session.
Comment:
The common European currency remained stable against the Japanese Yen on Tuesday, as the exchange rate was trading with low volatility. Also, the pair breached the 55-hour simple moving average at 126.50.
After hitting the monthly pivot point at 126.83 mid-session on Tuesday, the currency pair made a U-turn south. However, the decline was stopped by a double bottom support level at 125.80.
Everything being equal, it is likely that the EUR/JPY currency exchange rate continue moving down along the junior descending channel during the following trading session.
After hitting the monthly pivot point at 126.83 mid-session on Tuesday, the currency pair made a U-turn south. However, the decline was stopped by a double bottom support level at 125.80.
Everything being equal, it is likely that the EUR/JPY currency exchange rate continue moving down along the junior descending channel during the following trading session.
Comment:
No significant changes were introduced to the EUR/JPY currency pair on Thursday. Even though the common European currency breached both the 55-and 100-hour SMAs during the previous session, the exchange rate failed to rally. Instead, the price consolidated.
The failure to approach the upper boundary of a dominant descending channel during the past session might indicate a change in market sentiment shortly.
Technical indicators flash bearish signals. Therefore, it is likely that the currency exchange rate continues to maintain the descending channel during the following trading session.
The failure to approach the upper boundary of a dominant descending channel during the past session might indicate a change in market sentiment shortly.
Technical indicators flash bearish signals. Therefore, it is likely that the currency exchange rate continues to maintain the descending channel during the following trading session.
Comment:
A one-week ascending channel has guided the movement of the Eurozone single currency against the Japanese Yen. Moreover, the 55– and 100-hour SMAs was providing support for the exchange rate, as can be observed on the 1H chart.
Two scenarios are likely to occur to this currency pair today. First, bulls could continue pushing the price upward for a potential test of the 200-hour simple moving average.
Second, the currency exchange rate might reverse from currency price level and try to break out through the lower boundary of the junior ascending channel during the following trading session.
A one-week ascending channel has guided the movement of the Eurozone single currency against the Japanese Yen. Moreover, the 55– and 100-hour SMAs was providing support for the exchange rate, as can be observed on the 1H chart.
Two scenarios are likely to occur to this currency pair today. First, bulls could continue pushing the price upward for a potential test of the 200-hour simple moving average.
Second, the currency exchange rate might reverse from currency price level and try to break out through the lower boundary of the junior ascending channel during the following trading session.
Comment:
A strong support cluster formed by the combination of the 55– and 100-hour simple moving averages and the weekly pivot point at 126.12 provided significant support for the EUR/JPY exchange rate on Monday and thus pushing the pair out of the upper boundary of a dominant descending channel.
During the early hours of Tuesday trading session, the currency pair breached the 200-hour SMA.
Technical indicators on both the daily and the weekly time frames suggest that the currency exchange rate is likely to make a retracement down during the following trading session.
During the early hours of Tuesday trading session, the currency pair breached the 200-hour SMA.
Technical indicators on both the daily and the weekly time frames suggest that the currency exchange rate is likely to make a retracement down during the following trading session.
Comment:
Wednesday’s session did not introduce massive changes to the EUR/JPY currency pair price range, as the weekly R2 at 128.19 restricted attempts made by bulls to push the rate higher.
The exchange rate opened Thursday's session trading with low volatility. However, it seems that an upside risk might prevail within this session because the 55-hour simple moving average has been guiding the pair for the third consecutive trading session.
The nearest target for bulls traders could be the upper boundary of an ascending channel during the following trading day.
The exchange rate opened Thursday's session trading with low volatility. However, it seems that an upside risk might prevail within this session because the 55-hour simple moving average has been guiding the pair for the third consecutive trading session.
The nearest target for bulls traders could be the upper boundary of an ascending channel during the following trading day.
The exchange rate started Wednesday’s session trading with high volatility as the pair decline by 89 base points during the first part of the trading session.
Given that the currency exchange rate has moved closer to the border of a junior ascending channel, a breakout is likely to occur during the following trading sessions.