XM Group - Analytics

    XM Group

    606.00 6.50/10
    72% of positive reviews

    Technical Analysis – EURJPY stuck in range; outlook neutral

    EURJPY tested the 136 handle on Tuesday as it attempts to close above the 50-day moving average after failing to do so in the previous two days. The intra-day bias has weakened after falling back below 136 but remains slightly positive with RSI holding above 50.

    The 100-day moving average is the nearest resistance at 136.44 but EURJPY needs to climb above the September 17 high of 137.43 for a more decisive reversal of trend. The pair has been in a downward sloping channel since the beginning of June, closely following the 200-day moving average. Prices have now crossed back above the 200-DMA but the flatlining Ichimoku cloud signals a neutral outlook in the medium term.

    To the downside, support comes from the 200-DMA at 134.43. A break below this level would shift the bias back to negative.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree