EURJPY’s big daily rejection

EURJPY’s big daily rejection

Key Support: 130.00
Key Resistance: 132.60 – 133.50

The EURJPY open and grinded lower to retest the 130.00 level (-0.66%) just to pick up buyers in the process and print new daily highs erasing all the daily losses in the process.

This come to retests a massive previous key level. Throughout March 15th to April 23rd 2021, the EURJPY’s upside was capped by the 130.45 level. Buyers kept coming in higher (creating a flat triangle) and eventually broke with this level for a +2.80% move (365 pips).

price has now come down and retest this level whilst faking out of the longs term bullish structure. This means that if the previous highs are broken there is a high probability that we will come back to at least retest the previous broken base around the 132.60 level which is also the 61.8% retracement of the entire move down.

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EURJPY Bearish Trend Continues in the Short to Medium Term

EURJPY Bearish Trend Continues in the Short to Medium Term

EURJPY Price Analysis – June 11

The EURJPY currency pair is driven by downside pressure during the European session into the American session at the close of the week. During Friday’s trading, the exchange rate declined by 57 pips at the time of this post. The pair may continue to lose ground versus the Japanese Yen in the coming trading session.

Key Levels
Resistance Levels: 135.50, 134.50, 133.50
Support Levels: 132.50, 131.40, 130.68
EURJPY Long term Trend: Ranging
On the daily chart, the EURJPY broke below the moving averages 5 and 13, extending the decline from the 32-month high of 134.12 level to the 132.84 level. The RSI indicator is still hovering around 50. A move down might challenge the ascending trendline at 132.00 which is just beneath the 132.50 support level.

If the price rises over the moving average 5 and 13, immediate resistance may be found near the 32-month high of 134.12 level. A stronger uptrend might push the price back to the January 2018 high of 137.50. Since March 24, the EURJPY has continued in an uptrend. If the price falls below the ascending trendline, this bias may move to neutral.
EURJPY Short term Trend: Ranging
The 4-hour chart is pointing to a possible ranging continuation. Should the price breach the prior lows, the following trend depicts a negative bias. During the following trading session, negative traders may run into a support line at May 24 support of 132.50.

On the upside, a sustained break of the 100 percent forecast from 129.56 at 134.12 to 119.32 at 131.00 will extend the uptrend from 119.32 to 137.50 long-term resistance next. However, a firm break of 132.50 on the downside will signal short-term topping and a deeper pullback.

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EURJPY Registers Fresh 2021 Highs Near 133.00 Amid Overbought Zone

EURJPY Registers Fresh 2021 Highs Near 133.00 Amid Overbought Zone

EURJPY Price Analysis – May 14

On Friday EURJPY pair, the euro surged 70 pips, or 0.45 percent, against the Japanese yen. The surge was supported by the overall positive sentiment surrounding the Euro on progressive vaccination of the eurozone and challenges of virus spread limiting the Japanese economy. Although at overbought zones at 132.84 level, the EURJPY continues with the upside run.

Key Levels
Resistance Levels: 134.00, 133.50, 133.00
Support Levels: 132.50, 132.00, 131.50
EURJPY Long term Trend: Bullish
After breaking the horizontal resistance level at 132.50, the EURJPY has made another bullish break past the prior high at 132.73 level. However, the price action is approaching a vital resistance zone at the 133.00 regions. As a result, depending on how price reacts to support and resistance levels, this chart analysis can reveal both bullish and bearish scenarios.

The completion of the bullish surge could be confirmed by a bearish breakout below the horizontal support level at 132.00 level. A strong bullish breakout at the 133.00 horizontal resistance level could signal further upside and sustain the bullish scenario. The overall bias remains positive as the pair trades above moving average 5 at 132.20, indicating that the cross’s outlook remains positive.
EURJPY Short term Trend: Bullish
The EURJPY’s intraday bias remains strongly to the upside, and range trading from the 132.50 high may continue beyond 133.00 high. However, if the 133.00 resistance region holds intact price retracement is anticipated within this session or the next.

On the upside, a break above the high at 133.00 may relaunch the uptrend from 132.00, with a 100 percent projection of 129.56 to 132.36 from 131.00 at 133.50 levels next. Meanwhile, the 133.00 level’s resiliency can shift the bias to the downside, implying a deeper drop to the 131.00 support level.

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Beyond the Mid-131.00 Level, the EURJPY Manages To Recover Upside Momentum

Beyond the Mid-131.00 Level, the EURJPY Manages To Recover Upside Momentum

EURJPY Price Analysis – May 7

EURJPY regains its momentum and buying interest, continues to move north. If all other factors remain constant, the exchange rate is expected to rise further in the present trading session. The EURJPY pair’s possible goal may be above the 132.00 marks. The improvement in German 10-year Bond yields appears to be supporting the European currency’s momentum.

Key Levels
Resistance Levels: 133.00, 132.50, 132.00
Support Levels: 131.40, 131.00, 130.50
EURJPY Long term Trend: Ranging
During today’s trading session, the currency pair attempts to cross the upper horizontal level at 132.00 at the time of writing before heading north to test the mid 132 level. All things considered, the EURJPY exchange rate may continue upwards into the next trading session. Investors in bull markets are keen to push the market to a level beyond 132.00.

If it falls during the next trading session, however, a support cluster formed by the moving average 13 at 131.20 and the ascending trendline at the 131.68 level could provide additional support for the currency exchange rate. In the event of a turnaround, sentiment may remain bullish.
EURJPY Short term Trend: Ranging
The rise in the EURJPY from 128.29 medium-term low is continuing, and the fall from 132.36 continues its reversal from the 131.00 regions. More gains can be seen at first, as seen on the daily chart, up to the 132.00 resistance zone. On the downside, however, a breach of the 131.00 support level could signal the end of the turnaround and a change in the bias back to the downside.

Since the EURJPY is still trending with an upward bias in the short term, a break above the resistance level of 132.00 could lead to strength towards fresh highs in the vicinity of the 132.50/133.00 resistance zone. On the other hand, initial support can be found near the price level of 131.40 as seen in the shorter time frame.

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EUR/JPY Correction May End Soon!

EUR/JPY Correction May End Soon!

EUR/JPY was into a corrective phase after reaching the 132.36 level. It has declined as much as 130.98 where it has found support again. Now it has rebounded jumping above the immediate downtrend line signaling that the swing lower could be over.

Euro could resume its appreciation if the German Factory Orders and the Euro-zone retail Sales will come in line with expectations or better. Technically, we still have to wait for confirmation before going long on this pair. The pressure is still high after Nikkei’s temporary decline.

EUR/JPY H4 Chart Technical Analysis!

EUR/JPY found support at 130.97 level and now is pressuring the weekly pivot (131.31) and the 38.2% level. Jumping and stabilizing above these levels could signal further growth ahead.

Its failure to reach the descending pitchfork’s median line (ML) signals that the pair could come back higher towards the upper median line (UML). Though, EUR/JPY could move sideways in the short term before really developing a new swing higher.

Conclusion!

The rejection from the 50% retracement level followed by a valid breakout above the weekly pivot, a new higher high, could signal a new upside movement. EUR/JPY will increase if the JP225 will resume its growth.

 

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Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

Following Fresh Yearly Highs of 132.36, EURJPY Stays Under Pressure Amid Weak German GDP

Following Fresh Yearly Highs of 132.36, EURJPY Stays Under Pressure Amid Weak German GDP

EURJPY Price Analysis – April 30

After reaching fresh yearly highs at the 132.36 level during Thursday’s trading session, the EURJPY is trading on the defensive. It has taken positive steps almost throughout April. EURJPY stays under pressure amid weak German GDP shrinking by 1.7 percent in the first quarter, which was worse than predicted.

Key Levels
Resistance Levels: 133.00, 132.50, 132.00
Support Levels: 131.00, 130.68, 130.00
EURJPY Long term Trend: Ranging
EURJPY is trading within the mid-131.00 mark, but below the recent peak. The pair reached daily highs of around 132.19 before settling at 131.45 as at the time of this post. The cross is currently losing 0.26 percent at 131.68 and confronts support at 131.40, then 131.00 (psychological level). A bounce above 132.36 (yearly high Feb.25), on the other hand, will reach a high above the 132.50 handles.

Looking at the broader picture, while above the moving average 5 at 129.80 level the outlook for the cross should remain constructive. The Relative Strength Index has made a bearish divergence pattern while the price is below the horizontal barrier at 132.50. The pair may continue falling as bears target the next support at the $131.00 level.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY is altered slightly bearish at the upside channel with the present retreat. Meanwhile, some consolidations could be seen beneath the 132.36 temporary high. But further range trading is anticipated for as long as 131.00 resistance turned support level holds intact.

On the upside, above 132.36 level may restart the bullish trend from 128.29 to 130.68 to 129.56 from 130.20 at 132.50 next level. EURJPY has also moved above the moving average of 5 and 13 while the 4 hour RSI hovers above its neutral line. The pair may resume the upward trend to the 132.50 level.

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EUR Edges Higher, EURJPY Reclaims the 130.00 Threshold

EUR Edges Higher, EURJPY Reclaims the 130.00 Threshold

EURJPY Price Analysis – April 23

The EURJPY pair increased by 47 pips or 0.30% against the Japanese Yen towards the end of the week on Friday. As EUR edges higher, further consolidation appears to be on the cards in the near term, based on recent price action. ECB says its improving eurozone data, Lagarde expressed optimism and predicted a robust recovery further supporting the EUR.

Key Levels
Resistance Levels: 131.98, 130.00, 130.66
Support Levels: 129.56, 129.02, 128.29
EURJPY Long term Trend: Ranging
The cross is currently trading at 130.00, with the next resistance level at 130.66 (2021 Mar.18 High), followed by 131.00 (psychological level), and then the next high level at 131.98. A drop below the 129.56 level (weekly low and Apr. 8) will, on the other hand, reveal the 128.29 immediate support level and, eventually, the main 128.00 levels.

Overall, the technicals of the EURJPY daily chart suggest that a daily close above 130.00 may provide momentum for a possible move to the 2021 high at 130.97. (Apr. 20). Although while still maintaining its upward trend on the trendline support region, further gains are still possible in the medium term.
EURJPY Short term Trend: Ranging
The EURJPY’s intraday bias remains rangebound, and while trading from the 128.29 low level may extend higher above the 130.00 key zone. However, if the 130.66 resistance level holds a further rally within the middle price channel is anticipated.

On the upside, a break above the high at 130.66 may relaunch the uptrend from 128.29, with a 100 percent projection of 128.29 to 130.00 from 129.56 at 131.00 levels next. Meanwhile, the 129.56 level’s breach may shift the bias to the downside, implying a deeper drop to the 128.29 support level.

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EURJPY Continues Rangebound Action, Extends Recovery Ahead of 129.97 Level

EURJPY Continues Rangebound Action, Extends Recovery Ahead of 129.97 Level

EURJPY Price Analysis – April 16

Since the day’s start, the EURJPY has been in a rangebound action above the 129.97 level, despite alternating risk aversion patterns and declining yields in the US bond market. The currency pair tested the 130.54 high during Friday’s trading session.

Key Levels
Resistance Levels: 131.98, 131.00, 130.66
Support Levels: 129.56, 128.29, 127.50
EURJPY Long term Trend: Ranging
As seen in the daily chart, recent lows at 129.97 may contain potential bearish moves, while the 130.54 area holds upside potential for now. In addition, as long as EURJPY is within the 5 and 13 key moving average at 130.00, the positive bias is expected to remain unchanged. In a broader context, the rise from 114.39 is seen as a mid-term growth phase within the long-term consolidation trend.

Further gains are expected as long as the 129.56 support level is held. A break of 130.66 could see a rebound from 137.49 (high) to 114.39 at 130.66. However, a solid break of 128.29 would be an argument that the rally from 114.42 is over and draw attention to this low.
EURJPY Short term Trend: Ranging
The intraday slope of EURJPY remains sideways for now as it continues to fluctuate from the temporary low of 128.29. A steeper drop may remain in support as long as the 130.66 resistance level remains, even in the event of a stronger rebound.

A break of the temporary low of 129.56 could resume the fall from 130.66 to a pullback from 114.39 to 128.29 at 129.56 levels, which is close to the key support level of 130.00. However, the lower border of the uptrend line may support the exchange rate in the short term.

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EURJPY Recovers From 130.00 Level, Yen Under Pressure as US Yields Rise

EURJPY Recovers From 130.00 Level, Yen Under Pressure as US Yields Rise

EURJPY Price Analysis – April 9

During Friday’s European session, the EURJPY picks up steam from the prior day’s recovery at the 130.00 level and continues to pursue higher levels around the 131.00 regions. The pair will have to overcome a 130.66 upside barrier to improve its traction towards the 131.00 level. The firm daily recovery in US yields supports a selling bias around the Japanese safe haven, bringing the EURJPY cross closer to its yearly highs around 130.66.

Key Levels
Resistance Levels: 131.50, 131.00, 130.66
Support Levels: 129.56, 128.29, 127.50
EURJPY Long term Trend: Bullish
As seen on the daily chart, EURJPY has so far managed a 130.67 high; further strength eyes 131.00 high level, which can smoothen the path up towards the key markers of 132.06 and 134.42 levels. The pair is currently trading at 130.43, up 0.24 percent, and a break above the 130.66 resistance zone would take it to 131.00, a new year high.

Initial support, on the other hand, is at 130.00, followed by 129.56 (the prior day’s low) and finally 128.29. (March low). In the meantime, the rise from 114.39 is seen as a medium-term phase of growth within a long-term consolidation pattern. As long as the support level at 119.31 remains unchanged, steady growth is predicted.
EURJPY Short term Trend: Bullish
So far, the EURJPY pair has been unable to break through resistance at 130.66 level, and the intraday bias remains neutral. On the downside, a break of minor support at 129.56 level would extend the consolidation from 130.66 level and result in a new drop.

On a break of the 128.29 support level, the intraday bias will be switched back to the downside. However, the downside should be contained above the 127.50 resistance level, which has now turned into support. A decisive breach of 130.66 level on the upside will restart the entire rally from 114.39 level.

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EURJPY Re-Visits 130.00 Region and Builds on Recent Gains As Yen Stays Offered

EURJPY Re-Visits 130.00 Region and Builds on Recent Gains As Yen Stays Offered

EURJPY Price Analysis – April 2

The EURJPY progresses higher during the early European session on Friday and surpasses the 130.00 psychological regions again. The Japanese yen stays offered amid yields of the US 10-year reference in the lower end of the range after some downside pressure earlier in the week.

Key Levels
Resistance Levels: 131.50, 131.00, 130.66
Support Levels: 129.50, 128.29, 127.50
EURJPY Long term Trend: Ranging
At the moment the cross is trading at 130.19 and confronts the next hurdle at 130.66 level (2021 high Mar.18) followed by 131.00 (psychological level) and then next high level at 131.98. On the other hand, a fall beneath the 128.29 level (weekly low Mar.24) would expose the 128.00 round level and finally the key 127.50 zones.

Overall, the technicals of the EURJPY daily chart indicate that a daily close above 130.00 may usher in the impetus for a potential move to 2021 high at 130.66 level (March 18). While sustaining its ascent on the trendline support zone, further gains remain well on the table.
EURJPY Short term Trend: Ranging
On the 4-hour chart, EURJPY’s rebound from the weekly low of 128.29 level could still extend and intraday bias stays initially at the top. The further upside, a sustained breach of 130.66 high level will resume a larger uptrend from 114.42 low level.

Meanwhile, on the downside, beneath the 128.29 level may continue the correction from the 130.66 high level. But downside should be contained above 127.50 key resistance turned support to usher in the resumption of the upside run.

 

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$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.