EURJPY : NEW TARGETS UNLOCKED
- The market has been trading above a bullish trendline since end of December 2023, the mid-term trend is then bullish for EURJPY.
- Very recently, and with the 4th impact over its bullish trendline around 160.20, the market has significantly accelerated to the upside. Indeed, the first hawkish monetary move in 17 years in Japan has put the Japanese Yen under strong pressure.
Prices have kept pushing north, reaching a 16-years high above 165.35, with moving averages supporting the market's trend.
The Stochastic indicator has however just registered a bearish cross inside its overbought zone.
- In conclusion, the situation is indeed quite positive for EURJPY bull traders.
The fact the market has finally traded above a 16-years high is unlocking new targets for the pair.
However, the recent sharp market acceleration leading the market above historical resistances combined with the bearish signal sent by the stochastic indicator suggest that a very short-term correction may take place before registering new highs.
Technically speaking, if the new floor around 164.30 breaks, a correction towards 163.55 could happen.
After that, new targets can be found around 165.35 and 165.83 until the crucial 166.45/166.72 zone.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Very recently, and with the 4th impact over its bullish trendline around 160.20, the market has significantly accelerated to the upside. Indeed, the first hawkish monetary move in 17 years in Japan has put the Japanese Yen under strong pressure.
Prices have kept pushing north, reaching a 16-years high above 165.35, with moving averages supporting the market's trend.
The Stochastic indicator has however just registered a bearish cross inside its overbought zone.
- In conclusion, the situation is indeed quite positive for EURJPY bull traders.
The fact the market has finally traded above a 16-years high is unlocking new targets for the pair.
However, the recent sharp market acceleration leading the market above historical resistances combined with the bearish signal sent by the stochastic indicator suggest that a very short-term correction may take place before registering new highs.
Technically speaking, if the new floor around 164.30 breaks, a correction towards 163.55 could happen.
After that, new targets can be found around 165.35 and 165.83 until the crucial 166.45/166.72 zone.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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