Bullish investors protected the Simple Moving Average (SMA) for the EURJPY pair at 156.048 and the pair maintained a level above 156.00.

…
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 bulls defended the 20-day SMA, and the cross established itself above 156.00.

The pair currently trades last at 156.048.

The previous day high was 157.24 while the previous day low was 155.53. The daily 38.2% Fib levels comes at 156.18, expected to provide resistance. Similarly, the daily 61.8% fib level is at 156.59, expected to provide resistance.

On Friday, the EUR/JPY traded above the 156.00 zone, boosted by a stronger Euro following industrial data from June but still, bullish momentum is limited. On the other hand, the Yen traded mixed against its rivals and its losses are cushioned by the Bank of Japan flashing hawkish signals.

Europe reported robust industrial data but soft Retail sales. Factory Orders in June jumped 7% while markets expected a 2% decline while sales in the Retail sectors declined by 0.3%, a decline higher than the 0.2% expected by the markets. In Friday’s session, the EUR traded with gains against most of its rivals, including the USD, AUD, JPY and GBP.

On the Yen’s side, is Japanese currency seems to be gaining traction on the back of Bank of Japan (BoJ) comments which stated that the benchmark 10-year Japanese Government Bonds (JGB) will widen from 0.5% to 1.0% which pushed Japanse yields to their highest levels since 2014. In that sense, markets may anticipate a potential pivot by the BoJ, but the Yen will remain vulnerable as long as the bank doesn’t take action.

As per the daily chart, the technical outlook for EUR/JPY is shifting towards neutral to bearish, with signs of bullish exhaustion becoming evident. The Relative Strength Index (RSI) displays a negative slope above its midline, while the Moving Average Convergence Divergence (MACD) exhibits fading green bars. Additionally, the pair is above the 20,100,200-day SMAs, suggesting that the outlook on the bigger picture favours the EUR.

Support levels: 155.75, 155.00, 154.00.
Resistance levels: 156.50, 157.00, 157.50.

Technical Levels: Supports and Resistances

EURJPY currently trading at 156.07 at the time of writing. Pair opened at 156.07 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 155.79, 50 SMA 154.4, 100 SMA @ 150.42 and 200 SMA @ 146.67.

The previous day high was 157.24 while the previous day low was 155.53. The daily 38.2% Fib levels comes at 156.18, expected to provide resistance. Similarly, the daily 61.8% fib level is at 156.59, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 155.32, 154.58, 153.62
• Pivot resistance is noted at 157.03, 157.99, 158.73

[/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