XM Group - Analytics

    XM Group

    609.00 6.50/10
    72% of positive reviews

    Technical Analysis – EURJPY remains bearish as rebound falters

    EURJPY was heading back down today as the four-day rally that came after the June 24 slump faltered.  Prices were unable to rebound beyond 114.80, making the 114.80-115 region a key resistance area to break in order to achieve a more sustained rally. The next key resistance on the horizon is the 20-day moving average at 117.

    However, with the momentum indicators looking increasingly bearish, further gains are looking unlikely in the near term.  Extended losses could see EURJPY finding support at the June 27 low of 111.36, while below that, the June 24 low of 109.40 comes in focus. A drop below this level would put prices on course for fresh 3½-year lows and strengthen the bearish outlook.

    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