EUR/JPY Halts Four-Day Selloff to Hold Above 50-Day SMA
EUR/JPY slipped to a fresh monthly low (146.13) last week as it pushed below the opening range for May, but the exchange rate may track the positive slope in the 50-Day SMA (144.90) as long as it holds above the moving average.
EUR/JPY Rate Outlook
EUR/JPY appeared to be on track to test the moving average as it registered a four-day selloff for the first time this year, but the exchange has failed to extend the series of lower highs and lows from last week following the failed attempt to break/close below the 146.20 (38.2% Fibonacci retracement) to 147.00 (78.6% Fibonacci retracement).
In turn, EUR/JPY may continue to retrace the decline from the monthly high (151.62) on a move above 148.30 (23.6% Fibonacci retracement), with a break/close above the 149.60 (100% Fibonacci extension) area raising the scope for another run at the March 2008 low (151.69).
Additional Resources:
USD/JPY Reverses Ahead of Monthly Low to Eye 200-Day SMA
--- Written by David Song, Strategist
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DavidJSong
EUR/JPY Rate Outlook
EUR/JPY appeared to be on track to test the moving average as it registered a four-day selloff for the first time this year, but the exchange has failed to extend the series of lower highs and lows from last week following the failed attempt to break/close below the 146.20 (38.2% Fibonacci retracement) to 147.00 (78.6% Fibonacci retracement).
In turn, EUR/JPY may continue to retrace the decline from the monthly high (151.62) on a move above 148.30 (23.6% Fibonacci retracement), with a break/close above the 149.60 (100% Fibonacci extension) area raising the scope for another run at the March 2008 low (151.69).
Additional Resources:
USD/JPY Reverses Ahead of Monthly Low to Eye 200-Day SMA
--- Written by David Song, Strategist
Follow on DavidJSong
DavidJSong
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