XM Group - Analytics

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    Technical Analysis – EURJPY falls to 2 1/2 year low, bearish bias strong

    EURJPY touched a fresh 2 ½ year low at 125.37 on Friday. The pair fell further within the descending channel that started back in June 2015 when prices fell from the high of 141.04.

    The technical indicators are supporting a bearish bias, as can be seen by MACD, which is below zero. The moving averages are negatively aligned and falling. The 50-day moving average crossed below the 100 and 200-day moving averages in September 2015, giving a bearish signal.

    Immediate support lies at the April 2013 low of 124.89 and below this the February 2013 low of 118.72. To the upside, a strong resistance level lies at the key 130 yen level.

    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.


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