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EURJPY returns up to 3-year high

25 May 2021

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 is gaining ground near the overbought region. The short-term simple moving averages (SMAs) are heading north, approaching the current market price.

The short-run risk is looking neutral-to-positive at the moment and another retest of the 133.42 high is likely. Particularly, a decisive close above the aforementioned level might be what the bulls are eagerly waiting for to rally towards the 137.45 barrier, registered in January 2018.

To the downside, the 20- and 40-day SMAs at 132.05 and 131.05 respectively may add some footing to the market, but a violation at this point may not attract much attention unless the price slumps below the 130.65 support, which overlaps with the lower Bollinger band and the long-term ascending trend line. Negative momentum could further strengthen if the 23.6% Fibonacci retracement level of the up leg from 114.40 to 133.42 at 128.95 is breached as well, with the 128.20 obstacle appearing next on the radar.

In brief, EURJPY has been in an upside move since May 2020 and only a decline below the 200-day SMA around 126.90 may change this view.  



EUR/JPY faces initial resistance at 131.08/36

Karen Jones, Team Head FICC Technical Analysis Research, noted that EUR/JPY is expected to meet initial resistance at 131.08 ahead of 131.36. No change...

29 Jul 2021

Next on the downside comes in the 200-day SMA

EUR/JPY extends the bearish move to sub-130.00 levels. Below 129.50 the focus of attention is on the 200-day SMA. EUR/JPY extends the weekly downtrend...

16 Jul 2021

EUR/JPY remains pressurized below 132.00 ahead of EU PMI data

EUR/JPY trades with initial gains on Monday in the Asian session. The Euro gains limited on mixed ECB views, despite strong economic data. Yen suffers...

5 Jul 2021

Solid support appears around 130.00

EUR/JPY rebounds from earlier lows in the 130.00 zone. The 50-day SMA around 132.00 emerges as the next hurdle. Following a drop to new 2-month lows...

21 Jun 2021

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

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