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EURJPY foreshadows more volatility; bias positive

27 April 2021

EURJPY changed course near the strong ascending trendline once again, reversing northwards to re-challenge its recent peaks. The squeezing Bollinger bands are flagging that volatility is currently at low levels, but a significant advance or decline could develop in the subsequent sessions. Whether the next action could be up or down, the momentum indicators continue to favor upside movements as the RSI is sloping upwards above its 50 neutral mark, the Stochastics is also strengthening towards the overbought territory, and the MACD, although below its red signal line, has showed some improvement the past few days.

Should the bulls speed up beyond the top of 130.96, the door would open for the 132.00 level and the upper resistance line seen around 132.40. Crawling higher, the 133.00 number could next come under the spotlight.

If the bears take the wheel, all eyes will turn to the ascending trendline at 129.65, where the 50-day simple moving average (SMA) is currently located. Breaking that floor, traders may seek support somewhere between 128.75 and 128.28, with the former being the 23.6% Fibonacci retracement of the 121.60 – 130.92 up leg and the latter the low from March 24. Not far below, the 38.2% Fibonacci of 127.38 could also attempt to stop the sell-off, saving the market from an outlook deterioration in the medium-term timeframe.

In brief, the technical picture is currently reflecting a positive bias for EURJPY, also foreseeing more volatile sessions in the short term.



EUR/JPY drops to daily lows, approaches 133.00

EUR/JPY loses further ground and looks to test 133.00. The yen remains bid and weighs on the cross on Wednesday. The FOMC meeting will be the salient event...

17 Jun 2021

EUR/JPY challenges 133.00, or 2-week lows

Investors' sentiment slightly favours the dollar at the beginning of the week and motivates EUR/JPY to slip back to the 133.00 neighbourhood, or 2-week lows.

7 Jun 2021

EURJPY cools near 134.00 level but climb remains intact

EURJPY has hiked towards a 39 month high marginally overshooting the 134.00 handle. Although the pair's immediate bullish drive has vanished just short...

1 Jun 2021

EURJPY H4: Bulls are rocking the boat

The EURJPY currency pair on the H4 time frame was in a down trend until 24 May when a lower bottom was recorded at 132.523. After the top at 132.523, the market broke...

25 May 2021

EURJPY returns up to 3-year high

EURJPY is strongly positive as it reached a fresh 3-year peak at 133.42 on May 18. The MACD is standing near the trigger and above the zero lines, and the RSI...

25 May 2021

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

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