HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

EURJPY plunges to fresh 2-month low


22 September 2020

EURJPY has been tumbling over the last couple of days, posting a fresh two-month low of 122.51. The 20- and 40-day simple moving averages (SMAs) are creating a bearish crossover, while the momentum indicators are losing ground. The MACD oscillator slipped beneath the trigger and zero lines and the RSI indicator is approaching the oversold zone.

More downside pressures could lead towards the 38.2% Fibonacci retracement level of the up leg from 114.40 to 127.07 at 122.25, which overlaps with the 100-day SMA. Underneath these lines, the 120.75 support, this being the 50.0% Fibonacci, could be the next crucial target for the bears ahead of the 120.25 barrier.

On the other side, a rebound on the 123.00 psychological level could send the market until the 23.6% Fibonacci of 124.06, holding slightly below the 124.45 resistance. Above that, the bearish cross of the SMAs could pause the bullish structure around 125.06 before touching the 18-month peak of 127.07.

To sum up, EURJPY penetrated the ascending trend line, shifting the bullish bias to neutral. A drop beneath the 61.8% Fibonacci of 119.25 could take the price to negative paths.

#source

Share: Tweet this or Share on Facebook


Related

What will happen to the gold price in 2024: Octa forecast
What will happen to the gold price in 2024: Octa forecast

According to many analysts' forecasts, the price of gold may increase in 2024. Octa explains in the article what factors will influence the dynamics of the gold price and what will happen to the market this year.

8 Mar 2024

EUR/USD Shows Strength Amid Anticipation of Key Events
EUR/USD Shows Strength Amid Anticipation of Key Events

The EUR/USD pair is exhibiting resilience, navigating around the 1.0850 mark on Tuesday, following a sequence of rises in the previous two sessions.

5 Mar 2024

Dollar stays on the backfoot ahead of key data, yen enjoys CPI lift
Dollar stays on the backfoot ahead of key data, yen enjoys CPI lift

Traders await some key data releases, RBNZ decision amid quiet start to the week. Yen broadly firmer after CPI beat, adds to dollar weakness as euro extends gains. Equity rally loses some steam but Bitcoin surges.

27 Feb 2024

Bitcoin and Ether in area of light resistance
Bitcoin and Ether in area of light resistance

The crypto market capitalisation reached $1.99 trillion, according to CoinMarketCap estimates, an increase of over 10% in one week. Forbes estimates that the $2 trillion mark was reached last week.

19 Feb 2024

Crypto Market Takes a Breather Amidst the Storm: A Detailed Analysis
Crypto Market Takes a Breather Amidst the Storm: A Detailed Analysis

The Crypto Market Displays Stability with Bitcoin Around $40K: In the midst of the ever-volatile cryptocurrency landscape, the last 24 hours have provided a moment of respite as the market capitalization hovers...

25 Jan 2024

WTI Crude Futures Eye Critical 61.8% Fibonacci Level in Upward Surge
WTI Crude Futures Eye Critical 61.8% Fibonacci Level in Upward Surge

WTI Futures Break Above Key Resistance, Eyeing Fibonacci Milestone: Positive Momentum Indicators Suggest Potential for Further Gains. West Texas Intermediate (WTI) oil futures...

25 Jan 2024


Editors' Picks

The Top Forex Expert Advisors 2024: Performance, Strategy, and Reliability Review

An annual roundup reviewing the most successful Forex Expert Advisors (EAs) based on their performance, strategies employed, reliability, and user feedback. This piece would provide insights into which EAs have been market leaders and why.

The Evolution of Forex Expert Advisors: Navigating the Path of Technological Revolution

The concept of automated trading has been around for decades, but the accessibility and sophistication of Forex EAs have seen significant advancements in the past few years. Initially, automated trading systems were rudimentary, focusing on simple indicators like moving averages.

The Impact of EAs on Forex Trading: A Double-Edged Sword

By enabling continuous, algorithm-based trading, EAs contribute to the efficiency of the Forex market. They can instantly react to market movements and news events, providing liquidity and stabilizing currency prices through their high-volume trading activities.

MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 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.