EURJPY TECHNICAL ANALYSIS

Here is a EURJPY Technical Analysis on the Daily time frame. It is a major currency pair and one of the 21 currency pairs that we cover and you can find more of our analysis and signals in our Forex Signals App that is available on both Android and iTunes. You can also view the Forex Signals App video demo.

 

EURJPY on the Daily Time Frame

We can see that the price had just retraced upwards after the strong down move.

A higher low has been formed which has led to the spike upwards.

The MACD is in green and below the zero-line, the histogram may go upwards.

The zero-line is also in yellow which shows that there is very strong bullish momentum.

The price had also surpassed the EMA which acted as a dynamic resistance.

 

Additional points on EURJPY

Price may be facing resistance from the slanted resistance level.

Currently facing less movement than expected.

Conclusion

Price is currently bullish, however, the price may retrace downwards to test the EMA and form a higher low before any strong move upwards.

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Have a great trading day ahead!

Ilyas Ismail

Currency Strategist

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