The EURJPY currency pair dropped below the 20-day Simple Moving Average (SMA) for the first time in months, at approximately 155.50.

…
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)]

• The EUR/JPY fell below the 20-day SMA for the first time since May, around 155.50.

The pair currently trades last at 155.446.

The previous day high was 156.93 while the previous day low was 155.38. The daily 38.2% Fib levels comes at 155.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 156.34, expected to provide resistance.

At the start of the week, the EUR/JPY trades with losses for a fifth consecutive day, retreating to the 155.45 area. No high-tier data will be released on Monday as attention is set on Tuesday’s German inflation data. On the other hand, Japanese bond yields continue to rise, making the JPY gain interest.

Following the release of robust Labor Cash Earnings data last Friday, Japanese bond yields increased. The yields rose to their highest since May, indicating that market participants might anticipate a shift in the Bank of Japan’s policy from a cautious approach to a more aggressive one. Nonetheless, officials at the Bank of Japan may require additional data in order to pivot. In that sense, Machinery Orders from May and Producer Price Index from June figures, scheduled for release on Wednesday, will be closely watched.

On the other hand, the Federal Statistics Office from Germany will release the Harmonized Index of Consumer Prices (HICP) on Tuesday. The headline figure is expected to increase by 0.4% MoM and the annualised measure to 6.8%, remaining unchanged from its previous figures. As one of the European Central Bank’s (ECB) objectives is price stability, the inflation figures may affect the Euro price dynamics.

According to the daily chart, the outlook for the cross has turned bearish for the short term as bears have taken the lead. The Relative Strength Index (RSI) shows weakness but is above its midline and the Moving Average Convergence Divergence, printing higher red bars, deep in negative territory.

Support Levels: 154.30, 154.00,153.40.
Resistance Levels: 156.50, 157.00,158.00.

Technical Levels: Supports and Resistances

EURJPY currently trading at 155.46 at the time of writing. Pair opened at 155.88 and is trading with a change of -0.27 % .

The pair is trading below its 20 Daily moving average @ 155.63, above its 50 Daily moving average @ 151.77 , above its 100 Daily moving average @ 148.14 and above its 200 Daily moving average @ 145.61

The previous day high was 156.93 while the previous day low was 155.38. The daily 38.2% Fib levels comes at 155.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 156.34, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 155.2, 154.52, 153.65
• Pivot resistance is noted at 156.75, 157.61, 158.3

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...