- Analytics
- News and Tools
- Market News
- EUR/JPY Price Analysis: Seems to peak around 170.00, bears eye further downside
EUR/JPY Price Analysis: Seems to peak around 170.00, bears eye further downside
- EUR/JPY buying pressure fades after consolidating around 168-170 for almost one month.
- Momentum supports sellers, with potential targets seen at 167.47 and 165.92.
- Upside is limited, yet a breach of 170.00, could pave the way to test the year-to-date (YTD) high of 171.58.
The EUR/JPY seesawed within a 180-pip range on Thursday yet is posting losses of 0.45% after hitting a daily high of 170.13. At the time of writing, the pair exchanged hands at 168.60, below its opening price.
EUR/JPY Price Analysis: Technical outlook
After peaking at around 170.00, the EUR/JPY has consolidated below the latter, yet it cannot drop below the Ichimoku Cloud (Kumo), which would accelerate the downtrend.
The Relative Strength Index (RSI) shows sellers gather momentum after the RSI punches below the 50-line. This suggests the EUR/JPY would be subject to further losses.
If EUR/JPY falls below the 50-day moving average (DMA) of 167.47, that could exacerbate a dip inside the Kumo, an indication of the acceleration of the downtrend. The next support would be the bottom of the Kumo at 165.92, followed by the 100-DMA at 164.78.
EUR/JPY Price Action – Daily Chart
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
