Trading news

EURJPY: Euro Marches to Key Resistance



Sentiment on the financial markets has been very positive this week and stock indices surged back above their 200-day moving averages, which seems to help to lift JPY crosses. The EURJPY cross briefly jumped above the important 130 level and is now testing the 200-day moving average, which is located at 130.15.

Bulls pushed the cross 0.35 per cent higher during the London session on Thursday and if the mentioned 200DMA is taken out, further rise toward another strong zone at 130.80 could occur. This is a major resistance and if the pair closes above it, the outlook could switch back to bullish.

On the downside, stronger support seems to be located near the 100-day moving average at 129.50 and while above, the short-term trend could be bullish. However, if the price drops back below, bears could push the price back to 129.00.

The RSI indicators seem to be forming a rounding bottom pattern, which could be another bullish signal. The price needs to push above the 200-day average to confirm the upward momentum.

Disclaimer:
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

TeleTrade Review

Thursday, 08 Nov, 2018 / 9:55

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.teletrade.eu/analytics/technical_analysis/3583833

Trading news

 

Weekly outlook: Bank of Canada, Bank of Japan, US GDP

Week gone by: China’s global influence grows, volatility falls You know [...]

Posted on Friday, 19 Apr, 2019 / 9:15 under

EUR down, USD up as global PMIs disappoint; US housing starts

Market recap EUR fell on the weaker-than-expected Eurozone preliminary [...]

Posted on Friday, 19 Apr, 2019 / 9:14 under

EUR Falls on Eurozone PMIs, USD Gains on Strong US Data

The euro came under selling interest yesterday, tumbling after another set of [...]

Posted on Friday, 19 Apr, 2019 / 7:26 under