EUR/JPY ends the week modestly up 0.88% and down 2. 0%. EUR/JPY short-term gap above 1 7.00 indicates YTD top; otherwise, a decline to 1 6.00 is on the cards. EUR/JPY bounced back from a month-long trend and rose above 1 6.00 after the European Central Bank’s (ECB) monetary policy decision ended the ECB accession and set the stage for further gains. However, the market saw an absurd rally as the euro plunged against most G8 currencies. At the time of writing, EUR/JPY is trading at 1 6.81, up 0.76%. EUR/JPY PRICE ANALYSIS: TECHNICAL OUTLOOK The daily chart of EUR/JPY shows the pair bullish, although intervention by the Bank of Japan (BoJ) was fruitful against USD/JPY, pulling the rest of the Japanese yen (JPY) aside. . . crosses including EUR/JPY. However, after hitting a weekly low of 1 3.72, the currency pair rallied 300 points, representing a weekly gain of nearly 1%. However, it should be noted that the Relative Strength Index (RSI) is bullish but bearish. Therefore, when the price action registers successive higher highs, the RSI acts in the opposite direction and puts the pair on a negative divergence. In the short term, the hourly chart of EUR / JPY shows a range within the pair, with risks tilted to the upside because the exponential moving averages (EMAs) are below the current price, except for the 100-EMA, which is. about 1 6.93. , the obstacle is a difficult level of resistance. But if it resets, the next resistance would be 1 7.00, followed by the October 25 daily high of 1 7.72, before starting the year at 1 8. 0. On the other hand, if EUR / JPY breaks below the 200-EMA, the next demand area would be the confluence of the 20 and 50-EMA around 1 6.55 / 60, once it has left, it could be on its way to a daily reversal. at 1 6.32, more than 1 6.00.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.