Upside risks prevailed in the market on Friday, thus sending the common European currency to gain about 65 base points against the Japanese Yen. The currency pair tested the upper boundary of an ascending channel pattern during the end of Friday’s trading session.
However, after hitting the up border of the channel pattern at 125.00, the exchange rate made a brief retracement down.
In the meantime, it is likely that the Euro will maintain the ascending channel pattern until a breakout through the lower boundary occurs.
Although, a support cluster formed by the weekly and monthly PPs could prevent the southern breakout to happen today.
However, after hitting the up border of the channel pattern at 125.00, the exchange rate made a brief retracement down.
In the meantime, it is likely that the Euro will maintain the ascending channel pattern until a breakout through the lower boundary occurs.
Although, a support cluster formed by the weekly and monthly PPs could prevent the southern breakout to happen today.
Comment:
The common European currency has been trading in a junior ascending channel pattern against the Japanese Yen since January 24. The pair tested the upper boundary of the channel pattern at the end of last week trading session.
The 50-hour simple moving average is currently providing support for the exchange rate at 124.66.
Everything being equal, it is likely that the currency exchange rate will continue to edge higher within this session. The potential upside target will be Friday’s swing high of 125.40.
Although, the rate could reverse from current price level and aim for the 200-hour SMA at 124.56.
The 50-hour simple moving average is currently providing support for the exchange rate at 124.66.
Everything being equal, it is likely that the currency exchange rate will continue to edge higher within this session. The potential upside target will be Friday’s swing high of 125.40.
Although, the rate could reverse from current price level and aim for the 200-hour SMA at 124.56.
Comment:
The price movement of the single European currency against the Japanese Yen was guided by the 50-hour simple moving average on Tuesday. The currency pair tested the 50-hour SMA during the first part of today’s session.
The exchange rate breached the lower boundary of an ascending channel pattern during the UK’s trading session on Wednesday.
As for the near future, it is possible that the Euro move towards a support cluster at 124.74.
Although, if the 50-hour SMA holds, the currency exchange rate could aim for a swing high of 125.33 within the following trading hours.
The exchange rate breached the lower boundary of an ascending channel pattern during the UK’s trading session on Wednesday.
As for the near future, it is possible that the Euro move towards a support cluster at 124.74.
Although, if the 50-hour SMA holds, the currency exchange rate could aim for a swing high of 125.33 within the following trading hours.
Comment:
The Eurozone single currency appreciated against the Japanese Yen on Wednesday. The exchange rate breached January swing high of 125.31 at the end of yesterday’s trading session.
However, today’s session began with bearish sentiment, and by the middle of the day, the currency pair has breached both the lower boundary of an ascending channel and the 50– and 100-hour SMAs.
The decline of the pair is likely to continue within this session. The downside target for bearish traders will be near a support cluster at 124.74.
However, technical indicators suggest otherwise. It flashes bullish signals on the 4H time frame.
However, today’s session began with bearish sentiment, and by the middle of the day, the currency pair has breached both the lower boundary of an ascending channel and the 50– and 100-hour SMAs.
The decline of the pair is likely to continue within this session. The downside target for bearish traders will be near a support cluster at 124.74.
However, technical indicators suggest otherwise. It flashes bullish signals on the 4H time frame.
Comment:
Upside risks dominated the single European currency against the Japanese Yen on Friday. The currency pair appreciated about 134 base points during Friday’s trading session.
Monday’s trading session began with a bullish sentiment and by the middle of the day, the exchange rate was moving towards a resistance level formed by the weekly R1 at 126.03.
Most likely, the short-term target for the currency exchange rate will be near a swing high at 127.13.
Although, the EUR/JPY is expected to make a brief pull-back from a resistance level at 126.03 today.
Monday’s trading session began with a bullish sentiment and by the middle of the day, the exchange rate was moving towards a resistance level formed by the weekly R1 at 126.03.
Most likely, the short-term target for the currency exchange rate will be near a swing high at 127.13.
Although, the EUR/JPY is expected to make a brief pull-back from a resistance level at 126.03 today.
Comment:
The common European currency appreciated about 59 base points against the Japanese Yen on Monday. The currency pair reached near a traditional weekly resistance level at 126.03 during yesterday’s trading session.
The exchange rate breached the 50-hour simple moving average at 125.51 during the first part of today’s trading session.
Everything being equal, it is likely that the currency exchange rate could decline towards a support level formed by the 200-hour SMA at 124.97 today.
Although, a support cluster set by the combination of the weekly pivot point and the 100-hour SMA at 125.20 could hinder such movement south.
The exchange rate breached the 50-hour simple moving average at 125.51 during the first part of today’s trading session.
Everything being equal, it is likely that the currency exchange rate could decline towards a support level formed by the 200-hour SMA at 124.97 today.
Although, a support cluster set by the combination of the weekly pivot point and the 100-hour SMA at 125.20 could hinder such movement south.
Comment:
During the last 24hrs, the common European currency has depreciated about 102 base points against the Japanese Yen. The currency pair breached the lower boundary of an ascending channel pattern at 124.87 during the Asian trading session on Wednesday.
Given that a breakout had occurred, it is likely that the exchange rate decline towards a swing low of 124.60 within this session.
The currency exchange rate could make a possible reversal from the swing low as mentioned above during the following trading session.
Traders are advised to look for opportunities to trade if the situation occurs.
Given that a breakout had occurred, it is likely that the exchange rate decline towards a swing low of 124.60 within this session.
The currency exchange rate could make a possible reversal from the swing low as mentioned above during the following trading session.
Traders are advised to look for opportunities to trade if the situation occurs.
The exchange rate breached the lower boundary of an ascending channel pattern at 124.69 during the first half of Monday’s trading session.
Given that the currency exchange rate has breached the given channel pattern, it is likely that the pair will aim for a support cluster formed by the combination of the 200-hour simple moving average and the monthly PP at 124.45 today.
However, a support level set by the 50– and 100-hour SMAs at 124.52 could hinder such movement.