Sofia - EURJPY: The influence of news is still affecting prices
EUR/JPY appears to have rejected a move lower on Monday when it traded down to 159.58.
That dip broke below two previous lows and the 55-day Simple Moving Average (SMA) before closing back above all of them at the end of the session.
The sell-off could be interpreted as a stop-loss take-out rather than an emerging bear market. In any case, the ascending trend line remains intact, and a near-term range trade pattern seems to be unfolding.
Support could be in the 156.60 – 157.00 area ahead of the trend line, currently near 156.10. Support might be at the breakpoint at 153.45 and below there, the breakpoints at 151.61 and 151.07 as well as the recent low at 151.41 may also lend support.
On the topside, potential resistance might be at the prior peaks of 159.49 and 159.76.
EUR/JPY remains above an ascending line and the bullish trend might be intact for now. To learn more about trend trading, click on the banner below.
That dip broke below two previous lows and the 55-day Simple Moving Average (SMA) before closing back above all of them at the end of the session.
The sell-off could be interpreted as a stop-loss take-out rather than an emerging bear market. In any case, the ascending trend line remains intact, and a near-term range trade pattern seems to be unfolding.
Support could be in the 156.60 – 157.00 area ahead of the trend line, currently near 156.10. Support might be at the breakpoint at 153.45 and below there, the breakpoints at 151.61 and 151.07 as well as the recent low at 151.41 may also lend support.
On the topside, potential resistance might be at the prior peaks of 159.49 and 159.76.
EUR/JPY remains above an ascending line and the bullish trend might be intact for now. To learn more about trend trading, click on the banner below.
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