Categories: Markets

EUR/JPY Price Analysis: Further Weakness Not Ruled Out

EUR/JPY Price Analysis: Further Weakness Not Ruled Out
  • EUR/JPY extends the decline to the vicinity of the 154.00 area.
  • The latter’s loss exposes the interim 55-day SMA near 151.70.

He USD/JPY it accelerates its losses and on Tuesday is trading a considerable distance from the 154.00 zone, or lows of almost 4 weeks.

The cross further extends its monthly retracement and threatens to revisit the weekly low at 154.04 (June 20). A break of this level could open the door for a deeper decline to initially the interim 55-day SMA at 151.66.

The daily RSI around 48 still allows the continuation of the bearish movement in the very short term.

For now, the long-term positive outlook for the cross looks favored as long as it stays above the 200-day SMA, today at 145.69.

EUR/JPY daily chart

USD/JPY

Overview
Last price today 154.35
Today I change daily 149
today’s daily variation -0.71
today’s daily opening 155.46
Trends
daily SMA20 155.9
daily SMA50 151.86
daily SMA100 148.26
daily SMA200 145.68
levels
previous daily high 156.67
previous daily low 155.33
Previous Weekly High 157.96
previous weekly low 155.38
Previous Monthly High 158
Previous monthly minimum 148.62
Fibonacci daily 38.2 155.84
Fibonacci 61.8% daily 156.16
Daily Pivot Point S1 154.97
Daily Pivot Point S2 154.48
Daily Pivot Point S3 153.62
Daily Pivot Point R1 156.32
Daily Pivot Point R2 157.17
Daily Pivot Point R3 157.66

Source: Fx Street