fxs_header_sponsor_anchor

News

EUR/JPY Technical Analysis: Has eroded a key rising trendline

  • The EUR/JPY pair closed at 130.96 on Friday, confirming a downside break of the trendline connecting the Aug. 15 low and Sept. 10 low.
  • The daily chart also shows a bearish crossover between the 5 and 10 exponential moving average (EMA). So, it seems safe to say that the path of least resistance is to the downside.
  • The daily MACD is biased toward the bears and the relative strength index (RSI) is threatening to drop into negative territory below 50.00.
  • The only cause for concern for the bears is long tails attached to three of the previous four daily trading candles.

Daily Chart

Spot Rate: 131.00

Daily High: 131.25

Daily Low: 130.92

Trend: Bearish

Resistance

R1: 131.18 (rising trendline hurdle)

R2: 131.35 (10-day EMA)

R3: 131.98 (Oct. 3 high)

Support

S1: 130.60 (Friday's low)

S2: 130.29 (50-day EMA)

S3: 130.00 (psychological level)

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.