The common European currency depreciated about 113 base points against the Japanese Yen on Friday. The currency pair breached both the 50-, 100-, and 200-hour SMAs during the previous session.
Today’s session began with a bullish momentum, and by the middle of the day, the exchange rate has dashed through the 23.60% Fibonacci retracement level at 128.29.
As for the near future, it is likely that the currency exchange rate aim at a resistance cluster formed by the combination of the 50– and 100-hour SMAs and the 50% fibo level at 128.62.
Today’s session began with a bullish momentum, and by the middle of the day, the exchange rate has dashed through the 23.60% Fibonacci retracement level at 128.29.
As for the near future, it is likely that the currency exchange rate aim at a resistance cluster formed by the combination of the 50– and 100-hour SMAs and the 50% fibo level at 128.62.
Note
The Decline of the common European currency against the Japanese Yen continued during Monday’s trading session. The currency pair fell about 76 base points during the end of yesterday’s session.The depreciation continues during Tuesday’s trading session. By the middle of the day, the exchange rate has declined further 45 base points.
As for the near future, it is likely that the Euro will make a brief retracement north towards a resistance cluster formed by the combination of the 200-hour simple moving average and the weekly PP at 12849.
However, the 50-hour SMA at 128.16 could hinder such movement today.
Note
The price movement of the single European currency versus the Japanese Yen was guided by a junior descending channel pattern on Tuesday. The exchange rate bounced off its lower boundary at 127.72 during yesterday’s session.
The currency pair breached the 50-hour simple moving average at 128.01 during the first part of Wednesday’s trading session.
Given that the EUR/JPY currency exchange rate has breached the 50-hour SMA, the next target for bullish traders will be near a resistance cluster formed by the combination of the 100– and 200-hour SMAs and the weekly pivot point at the 128.49 region.
Note
The common European currency depreciated about 81 base points against the Japanese Yen on Wednesday. The decline was stopped after the currency pair pierced the weekly S1 at 127.75. However, today’s session began with a strong bullish momentum, and by the middle of Thursday’s trading session, the exchange rate had gained about 91 base points of its values.
By and large, it is likely that the currency exchange rate breaks a junior descending channel pattern today.
However, a resistance level formed by the 200-hour SMA at 128.39 could prevent that from happening.
Note
The single European currency plummeted about 151 base points against the Japanese Yen on Friday. This sell-off began on December 13 and has since lost over 2.36% of its values.
As for the near future, it is likely that the currency pair makes a brief retracement towards a resistance cluster formed by the combination of the weekly and the monthly pivot points and the 50– hour simple moving average at the 127.27 region.
However, technical indicators suggest that the upside move might not occur within this session.
Note
Downside risks have been dominating the single European currency against the Japanese Yen since December 24. the currency pair depreciated more than 110 base points during the last two days.The exchange rate is trading near the upper boundary of a one-week descending channel pattern at 125.87 during the first part of Wednesday's session and could be set for a breakout.
If this breakout occurs, the EUR/JPY currency exchange rate will target a resistance cluster formed by the combination of the weekly, the monthly pivot points and the 100-hour simple moving average at 127.27.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.