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Euro Looks To Break Higher Against Yen

Recent price action in EURJPY suggests that the pair might have more downside towards upside as long as the 146.00 support holds.

Technical Analysis
Euro recently managed to survive a major break against the US dollar, and on the other hand, continued to rise against the Japanese yen. There is a critical bullish trend line formed on the 4 hour chart of the EURUSD pair, which held downside in EURJPY on more than three occasions. The most important bullish point to note was the fact that the pair is currently trading above the 200 simple moving average (SMA) – 4H. However, there is a major resistance lined up around the 100 SMA (4H), which is also coinciding with the 50% Fibonacci retracement level of the last leg from the 149.77 high to 144.96 low. So, the 147.35-40 area might act as a monster resistance for the pair. A break above the same might take the pair towards the 148.00 swing area.
One more important bullish sign to note is that the 4H RSI is well above the 50 mark, which might act as a catalyst for the Euro buyers moving ahead.

On the downside, sellers need to keep an eye on 100 SMA (4H), initially followed by the highlighted bullish trend line. A break above the same might call for more losses may be towards the last swing low of 144.96.

France GDP, PPI and Retail Sales
There are a couple of releases lined up in the Euro zone particularly in France i.e. the GDP, PPI and retail sales data will be published. The forecast is of a gain this time around, so any major miss in the outcome might put a lot of pressure on the Euro moving ahead.

Tuesday, 23 Dec, 2014 / 8:02

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