FXTM information and reviews
FXTM
92%
IronFX information and reviews
IronFX
91%
Libertex information and reviews
Libertex
90%
FxPro information and reviews
FxPro
89%
FIBO Group information and reviews
FIBO Group
88%
FXCM information and reviews
FXCM
87%
EUR/USD
1.2084
GBP/USD
1.407
USD/JPY
109.5559
USD/CHF
0.9083
USD/CAD
1.2111
EUR/JPY
132.3867

Looks set for further downside, rising wedge in focus


5 April 2021

EUR/JPY sellers attack intraday low, teases confirmation of bearish chart pattern. Downbeat MACD, failures to cross immediate resistance line favor bears. 200-HMA lures bears, wedge’s upper line adds to the north-side hurdle. EUR/JPY stays depressed around 130.10 during early Monday. In doing so, the cross-currency pair battles the support line of a one-week-old bearish chart pattern, rising wedge, on the hourly play.

Given the bearish MACD and the pair’s repeated pullbacks from the two-day-long falling trend line, EUR/JPY sellers seem to roll up sleeves to retest the 200-HMA level of 129.36. However, Thursday’s low around 129.65 and the theoretical target of the bearish pattern confirmation, near the previous month’s bottom of 128.18, will act as extra filters to the south.

On the flip side, EUR/JPY run-up beyond the immediate resistance line, close to 130.30 will need validation from the last week’s peak close to 130.35 before attacking the wedge’s upper line around 130.55. Also likely to challenge the bulls is the March top surrounding 130.65-70 and late August 2018 high near 130.85. Overall, EUR/JPY bulls seem tired but the sellers are waiting for confirmation.

#source

Related

Refreshes multi-month top around mid-132.00s

EUR/JPY takes the bids to fresh high in 32 months. Upbeat MACD, sustained trading beyond 200-SMA favor buyers. Rising wedge resistance, September 2018 top test upside momentum...

13 May 2021

EUR/JPY to enjoy considerable gains towards the 137.51 2018 high

EUR/JPY remains bid despite minor dip. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to advance nicely and eventually reach...

3 May 2021

EURJPY foreshadows more volatility; bias positive

EURJPY changed course near the strong ascending trendline once again, reversing northwards to re-challenge its recent peaks. The squeezing Bollinger bands...

27 Apr 2021

EURJPY sideways drift prolongs; bias neutral-to-bearish

EURJPY got trapped between the 20- and 200-period simple moving averages (SMAs) after stepping on the strong ascending trendline, which has been...

23 Apr 2021

EURJPY struggles near 29-month high

EURJPY is sustaining its upward trajectory above the ascending trendline, currently flirting with the 29-month high of 130.65. The technical indicators...

13 Apr 2021

EURJPY H4 - Bullish trend continues

The EURJPY currency pair on the H4 time-frame was in a downtrend until 24 March, 2021 when a lower bottom was reached at 128.292. The attractive price of 128.292...

29 Mar 2021


Editors' Picks

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.