The common European currency spent the first part of Monday’s trading session calmly, as it manages to reverse from the lower boundary of a junior ascending pattern.
By the middle of the day, the EUR/JPY exchange rate has breached both the 55-,100-, 200– hour SMAs and currency providing a support cluster for the rate at the 130.44 regains.
Technical indicators flash bearish signals, but the currency exchange rate could make a brief corrective movement north for a likely re-test of the monthly pivot point at 130.94. If and when this situation happens, the price could remain bearish for the next trading session.
By the middle of the day, the EUR/JPY exchange rate has breached both the 55-,100-, 200– hour SMAs and currency providing a support cluster for the rate at the 130.44 regains.
Technical indicators flash bearish signals, but the currency exchange rate could make a brief corrective movement north for a likely re-test of the monthly pivot point at 130.94. If and when this situation happens, the price could remain bearish for the next trading session.
Comment:
Comment:
By the middle of Thursday’s trading session the EUR/JPY currency exchange rate had respected the lower trend line of the large scale channel, which was drawn by Dukascopy analysts on Wednesday.
In addition, it can be spotted on the charts that the fundamental surge of the Yen against the rest of the currency markets ended in the second half of Wednesday’s trading. It can be deducted by watching the volatility of the hourly candles, which decreased horizontally. Afterwards the rate confirmed the mentioned pattern by bouncing off its support line.
Due to these factors combined, one can conclude that the rate was likely to surge, if it passes the weekly S2’s resistance at 128.60 mark.
In addition, it can be spotted on the charts that the fundamental surge of the Yen against the rest of the currency markets ended in the second half of Wednesday’s trading. It can be deducted by watching the volatility of the hourly candles, which decreased horizontally. Afterwards the rate confirmed the mentioned pattern by bouncing off its support line.
Due to these factors combined, one can conclude that the rate was likely to surge, if it passes the weekly S2’s resistance at 128.60 mark.
Comment:
The common European currency on Friday remained against the Japanese Yen near the lower trend line of the dominant channel down pattern. However, it had made one failed attempt to pass the support.
By the middle of Friday’s trading session the rate had made and failed at an attempt to gain more ground to the upside. Namely, the rate’s surge had been stopped by the combined resistance of the 55-hour SMA and the weekly S2 nar the 128.50 mark.
In regards to the future there are two scenarios. Either the pair manages to pass the 128.50 and set course for 129.50, or the rate gets beaten down to the dominant support by the 55-hour simple moving average.
By the middle of Friday’s trading session the rate had made and failed at an attempt to gain more ground to the upside. Namely, the rate’s surge had been stopped by the combined resistance of the 55-hour SMA and the weekly S2 nar the 128.50 mark.
In regards to the future there are two scenarios. Either the pair manages to pass the 128.50 and set course for 129.50, or the rate gets beaten down to the dominant support by the 55-hour simple moving average.
Comment:
The common European currency remained stable against the Japanese Yen for the third consecutive trading session on Monday. The currency pair failed to move past the 55– hour simple moving average, but it also lacked the necessary downside strength to breach the monthly pivot point at 126.70.
This has left the exchange rate to be trading in a flag like formation this morning. A breakout could be expected from the aforementioned flag pattern during the following session.
Given that the northern barrier at 129.05 has held strong for the last three sessions, a decline for the EUR/JPY currency exchange rate is likely to continue today.
This has left the exchange rate to be trading in a flag like formation this morning. A breakout could be expected from the aforementioned flag pattern during the following session.
Given that the northern barrier at 129.05 has held strong for the last three sessions, a decline for the EUR/JPY currency exchange rate is likely to continue today.
Namely, the Bank of Japan is dropping its time schedule for reaching inflation targets. This means that they will stop stimulating the economy on the scale that is current. From that one can clearly understand that there will be less JPY in circulation.
This event has caused the move. Due to that reason, technical charting is obsolete until the markets take in the news.