EUR/JPY Price Analysis: Beas looking for a break of sturtcure near 142.80/00 EURJPY Technical Analysis
From an hourly perspective, EUR/JPY is coiled at what could be a meanwhile top in the broader bullish trend as per the daily chart below.
A thesis could be that volumes might get trapped up high as higher time frame traders and investors chase the breakout of the prior month's highs. In such a scenario, a long squeeze could be put on a break of the key support structure that is located between 143.00 and the 142.80s. If this area were to break, it would clear the way for lower lows in what could turn out to be a sizeable correction as the following shows:The daily chart's W-formation is compelling and a 38.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/JPY Price Analysis: Bears waiting to pounce below 143.70EUR/JPY is correcting firmly on the bid to restest resistance structure near 143.50 but there is a bearish bias while the bears commit to this area fo
Read more »
EUR/JPY Price Analysis: Some consolidation likely ahead of extra gainsEUR/JPY faces some downside pressure following Friday’s yearly highs in the 143.65/70 band. While the cross looks somewhat side-lined for the time bei
Read more »
USD/MXN Price Analysis: Divergence between price action and RSI warrants further upsideThe USD/MXN bounces after hitting multi-year lows around 18.3301, snapping three days of consecutive losses. Nevertheless, the USD/MXN would remain pr
Read more »
EUR/JPY grinds near 143.50 with eyes on EU/Japan PMIs, yieldsEUR/JPY seesaws around mid-143.00s amid Tuesday’s sluggish Asian session, following an inactive start to the week’s trading. The cross-currency pair s
Read more »
USD/JPY Price Analysis: Bears on the look out for a break to 132.50A 50% mean reversion could be in play for the opening range over the coming sessions and the next couple of days to test prior resistance near 132.50.
Read more »
USD/CAD Price Analysis: Tests the upside break around 1.3500The USD/CAD pair has attempted a rebound after building a cushion around 1.3470 in the early Asian session. The Loonie asset is looking to extend its
Read more »