#EURJPY @ 147.340 faces stiff resistance as it trades within a busy zone. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- EUR/JPY faces stiff resistance as it trades within a busy zone.
- Bearish RSI and negative RoC indicate momentum gathering for EUR/JPY sellers.
- Upward trend is possible if EUR/JPY remains above 147.50 and tests the 148.00 mark.
The pair currently trades last at 147.340.
The previous day high was 148.64 while the previous day low was 146.29. The daily 38.2% Fib levels comes at 147.19, expected to provide support. Similarly, the daily 61.8% fib level is at 147.74, expected to provide resistance.
The EUR/JPY trimmed some of its Tuesdau’s losses on Wednesday, gaining 0.58% as the pair edged above the 147.00 figure. Nevertheless, technical indicators suggest downward action in the EUR/JPY is warranted, trading at 147.39 as the Asian session begins.
The EUR/JPY pair trades within a busy zone of resistance areas. Additionally, printing multi-year highs at around 148.63, it opened the door for a mean reversion move, after a steep advance achieved since the beginning of April, from around 140.00, towards the 148.60s area.
Oscillators like the Relative Strength Index (RSI) at bearish territory continued to edge lower. The Rate of Change (RoC) registers two negative readings out of three days, indicating that sellers are gathering momentum.
Therefore, the EUR/JPY could re-test the weekly lows of 146.28. The cross-currency pair’s first support would be the 147.00 mark. If EUR/JPY cracks the figure, the next support would be 146.28, followed by the 20-day EMA at 146.16, which has been tracking price action, since the start of the month, as a dynamic support.
Conversely, an upward continuation is likely to happen if EUR/JPY holds above 147.50, exacerbating a test of 148.00, before heading toward the multi-year high at 148.63.
Technical Levels: Supports and Resistances
EURJPY currently trading at 147.45 at the time of writing. Pair opened at 146.78 and is trading with a change of 0.46 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 147.45 |
| 1 | Today Daily Change | 0.67 |
| 2 | Today Daily Change % | 0.46 |
| 3 | Today daily open | 146.78 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 145.72, 50 SMA 144.19, 100 SMA @ 142.86 and 200 SMA @ 142.34.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 145.72 |
| 1 | Daily SMA50 | 144.19 |
| 2 | Daily SMA100 | 142.86 |
| 3 | Daily SMA200 | 142.34 |
The previous day high was 148.64 while the previous day low was 146.29. The daily 38.2% Fib levels comes at 147.19, expected to provide support. Similarly, the daily 61.8% fib level is at 147.74, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 145.83, 144.89, 143.49
- Pivot resistance is noted at 148.18, 149.58, 150.52
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 148.64 |
| Previous Daily Low | 146.29 |
| Previous Weekly High | 147.86 |
| Previous Weekly Low | 146.40 |
| Previous Monthly High | 145.67 |
| Previous Monthly Low | 138.83 |
| Daily Fibonacci 38.2% | 147.19 |
| Daily Fibonacci 61.8% | 147.74 |
| Daily Pivot Point S1 | 145.83 |
| Daily Pivot Point S2 | 144.89 |
| Daily Pivot Point S3 | 143.49 |
| Daily Pivot Point R1 | 148.18 |
| Daily Pivot Point R2 | 149.58 |
| Daily Pivot Point R3 | 150.52 |
[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group
