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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.



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

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