EUR/JPY: the pair continues falling within a downward channel

July 21, 2015

Current trend

The Euro remains under the pressure amid general public opposing mood in Greece and poor macroeconomic indicators from the eurozone. There are no important publications affecting the Euro this week.

Yesterday, negative data on the Producer Price index came out in Germany, which appeared worse than forecasts. Tomorrow, attention needs to be paid to All Industry Activity index and other important publications in Japan. On Thursday, the Consumer Confidence index for eurozone is due. On Friday, Markit PMI indices are out in Germany and France.

Therefore, in the medium-term the Euro continues falling.

Support and resistance

The pair EUR/JPY is trading within a downward channel. A local strengthening in the Euro allowed the pair to grow to the upper border of the channel but the fall is going to continue after.

In the medium-term, the aims are 130.50, 128.55. Key technical indicators confirm the downward movement.

On the daily chart, the pair reached the middle MA of Bollinger Bands. If the price breaks down this level, the pair continues falling towards 126.20 (April low).

Support levels: 134.20, 133.25, 132.00, 130.50, 128.60, 127.00, 126.20.

Resistance levels: 135.50, 135.85, 136.35, 137.20, 137.75, 138.10, 139.00, 140.00, 140.90.

Trading tips

Open short positions from the current levels with the target at 130.80 and stop-loss at 136.35.

Publication source
LiteForex information  LiteForex reviews

December 9, 2016
Euro slips as ECB extends QE by 9-months
The single currency was weaker after the European Central Bank decided yesterday that it would continue with its bond purchases program. The ECB extended its QE plans from March 2017 to the end of the year...
December 9, 2016
The global stock market rally
The global stock market rally, which was underpinned by further ECB stimulus measures yesterday and a rise in oil prices, continued in Asia overnight, with most markets moving higher...
December 9, 2016
Markets throw caution to the wind
Markets have thrown caution to the wind when it comes to movements as of late as once again US equities set the scene with another stellar rise, though not as big as yesterdays...

Fort Financial Services Rating
Larson&Holz IT Ltd Rating
FxPro Rating
OctaFX Rating
Orbex Rating Trade Rating

Grand Option Rating
24option Rating
Binary Brokerz Rating
OptionsXO Rating
OptionFair Rating
365BinaryOption Rating