The momentum indicators are endorsing a positive near-term bias Specifically, the RSI is ticking upwards slightly below the 70-overbought area, while the MACD histogram is strengthening above both zero and its red signal line.
Should buying pressures persist, the pair could encounter initial resistance at the 141.40 region, which has acted both as resistance and support in the last two months. Conquering this barricade, the bulls could aim for the July high of 142.30. A jump above the latter might set the stage for the 7½-year high of 144.27.
To the downside, if sellers re-emerge and push the price lower, immediate support could be provided by the 140.00 psychological mark. Sliding beneath that floor, the price may descend towards the 50-day simple moving average (SMA), currently at 138.30. Failing to halt there, any further declines could then stall at 137.00 before the 135.50 hurdle appears on the radar.
In brief, EURJPY appears to have the necessary momentum to push even higher and extend its bullish short-term structure. However, a dive beneath the 50-day SMA could attract selling interest, shifting the technical picture to neutral.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
EURJPY edges higher as positive momentum intensifies
ByXM Group
AuthorTrading Point
Published 09/06/2022, 06:01 AM
Updated 05/01/2024, 03:15 AM
EURJPY edges higher as positive momentum intensifies
EURJPY has been gaining ground in the short term after it managed to find its feet at the 133.40 region in early August. However, the pair is currently trading above its upper Bollinger band, suggesting that its recent advance might be overstretched.
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.