After last week’s short-lived rally, the Euro fell to a new low against the Japanese Yen and trimmed its gains from last month. The pair is finding it difficult to break through the resistance level of 108.60. We project that EUR/JPY could test and find support at 107.30 this week before making an attempt at 110 in mid-August, if not sooner. On Wednesday, we expect EUR/JPY to retest 109 which may be an important pivot point for the cross…
In recent days traders are struggling with the Euro’s weakness against both AUD & JPY while being bullish on the USD based on a bounce from July lows.
EUR/JPY has been range-bound since late April. Following a two-week-long range and a slight consolidation around the current uptrend line, EUR/JPY found support at 108 and quickly bounced above it. The pair then consolidated above 110 and has since traded above 108. The Euro is finding resistance at 110.4, but for now, this area looks like a ceiling for the pair…
The pair’s recent strength appears to have broken through the range resistance at 108.60 we projected last week. We project that EUR/JPY will test this level (107.30) before making an attempt at 110 in mid-August, if not sooner. On Wednesday, we expect EUR/JPY to retest 109 which may be an important pivot point for the cross…
The Euro is being squeezed by the Japanese Yen and the Australian Dollar as it bounces off 200-day moving averages. The pair has rebounded strongly from its July lows and is testing resistance at 108.60, where we speculated that a “new low” could be formed. We project that EUR/JPY will test this level again before making an attempt at 110. Below 107.30, the cross will find support at 107 and 106…
The Euro was unable to hold on to last week’s gains and fell sharply. The pair is finding it difficult to break through the resistance level of 108.60 and bounced off the 50-day moving average on Thursday. The pair is vulnerable below the overnight low of 108.10 where it may find support again at 107.50…
The Euro has been squeezed by the past three weeks of strength in those two pairs, especially AUD. It is also under pressure from its long-term (200-day moving average) which has been supported by a slight rollover in recent days. As of now, EUR/AUD and EUR/JPY are presenting as resistance to the Euro.
The Euro against the Japanese Yen looks best on a four-hour or daily timeframe. The Japanese economy has been slowing down, while the Eurozone economy has been gaining strength, making the JPY look overvalued even from a long-term perspective. Therefore, we project that it will underperform in the short term, which makes EUR/JPY look attractive. However, beware of high volatility and be cautious of breakouts to new lows as this market could become very volatile in the near future.
i) If the Euro breaks above 108.60 it will become vulnerable to a breakout above 110 and might be able to find support at 107.50/65. While this is not a major level, it is a slight rollover from previous lows and looks like a potential pivot point for the cross. Therefore, we anticipate that EUR/JPY could pull back from this level or make a double-top.
ii) A break below 107.30 will open up a potential downside towards 106 or even 105. This area is supported by 50-day moving averages, making it another potential pivot point…
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