Eurjpyforecast
Eurjpy: Price to continue the bullish trend? Eurjpy, have been bearish since last few months, therefore the current market pullback is short termed and that is why price moved back sharply, there are also other main factors that will influence the price of EURJPY, such as weaknening JPY as there is no sign of investors having any interest on buying the currency as long as DXY remain bullish.
Here what we think of JPY in coming weeks:
The JPY is expected to weaken against the USD in the week of October 2023. The USD/JPY pair is expected to rise to 140.00, as the US Federal Reserve is expected to continue raising interest rates, while the Bank of Japan is expected to keep its monetary policy unchanged. The Fed is expected to raise rates by 50 basis points at its September meeting, and by another 25 basis points at its November meeting. The BoJ is expected to keep its benchmark interest rate at -0.1%. The divergence in monetary policy between the two central banks is expected to weigh on the JPY. Additionally, the US economy is expected to continue to grow at a faster pace than the Japanese economy, which will also support the USD/JPY pair.
Here what we think of EUR:
The euro is expected to trade in a range between 0.95 and 1.05 against the US dollar in October 2023. The currency is likely to be supported by the European Central Bank's (ECB) decision to raise interest rates by 75 basis points in September. The ECB is expected to continue to raise rates in the coming months in an effort to combat inflation. However, the euro is likely to be weighed down by the ongoing war in Ukraine and the resulting energy crisis. The conflict is likely to continue to disrupt trade and economic activity in Europe, and could lead to a recession in the region. Overall, the euro is likely to remain volatile in the coming months, and investors should be prepared for further fluctuations in the currency's value.
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EURJPY Breakout Confirmed!EUR-JPY broke the rising
Support line and the breakout
Is confirmed which makes us
Bearish biased and we will be
Expecting a further move down !
EURJPY Analysis to trade from this zones.{25/12/2022}Educational Analysis says EURJPY may go SHORT. According to my technical.
This is not an entry signal. I have no concerns with your profit and loss from this analysis.
Why SHORT?
On the 1HR timeframe, the pair is making LOWER HIGH AND LOWER LOWS.
I HAVE NO CONCERNS WITH YOUR PROFIT OR LOSS
PRICE WILL RANGE (FROM 124 - 148) IN THIS ONLY IF THE COMING DAYS GO NORMAL WITHOUT ANY BAD NEWS INTERRUPTION HAPPENING.
HOW TO TAKE ENTRY ON THIS?
In 15 min timeframe, the pair changes its character and the price push toward also couple breaks the primary structure
EURJPY SHORTExpecting price to break the support below and drop to 156.042, wait for a clear breakdown and retest before taking this 90+ pips setup .
Always apply risk management, all the best.
EURJPY Analysis 13Oct2023From a broader perspective, it seems like Eurjpy is still in a bullish trend. When we draw the Fibo Retracement for the last swing, the price has responded positively to the SND area in Fibo 0.5 and has reached Fibo 0.382. Currently, the price has successfully penetrated the trendline and formed a bullish pattern, which indicates that the price is likely to continue its upward trend.
EURJPY Local Short!EUR-JPY is already making
A pullback from the horizontal
Resistance at 158.288
And I think that we will
See a local move down !
EURJPY Long Term Selling Trading IdeaHello Traders
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EurJpy- Close to a support breakIn my weekend analysis about Jpy crosses I said that we should keep a close eye on these pairs because, although UsdJpy is still in a strong up trend, cross pair may have topped.
In EurJpy's case, yesterday the pair had a spike up, this spike was very short-lived lived and EurJpy reversed strongly and closed the day with a huge bearish engulfing.
At this moment the pair is trading exactly in support zone and looks like pressing for a break.
In such an instance, considering we had a month of range and distribution, we could see down acceleration, and the medium target could be 151.50.
Interim support is at 154 and this level could also represent target for shorter-term traders.
Range-bound EUR/JPY: Is Distribution in Play?A few days back I discussed UsdJpy, saying that even though there is a high divergence between FED's and BoJ's policy, at the same point the pair could reverse hard.
In EurJpy's case, however, things are not exactly the same and technically, we even have strong signs of topping.
Looking at the h4 posted chart we could see that for a month and a half now the pair is in a range and in fact, it looks like pressing down so it could be in fact, distribution.
That being said, as long as 158.50 is intact, I looking to sell rallies in anticipation of a break under support.
As for the target, 153 is a pretty reasonable one if we have a genuine break
EURJPY BACK AGAIN TO 159.321 SUPPLY AREA?OANDA:EURJPY BACK AGAIN TO 159.321 SUPPLY AREA?
making a perfect bullist triangle to go long at FOREXCOM:EURJPY 158.390 immediate supply
and for the next rea is at 159.321
EurJpy could lose supportSince the end of February low under 140, EurJpy rose strongly, more than 2000 pips and almost touching 160 important figure.
In August, the pair consolidated, and this consolidation could very well be distribution.
Now the pair is trading under 157 zone support and a daily close under this support could lead to further losses.
As long as the 158.70 high is intact I'm looking to sell rallies with a target at 154 support.
In the medium term, however, the pair could drop even to important 151.50 support.
EUR/JPY Long A Break above creates more Buy PressureEUR/JPY is looking overbought on higher timeframe charts as it tests once again a tough barrier at the 2014 high of 149.75. Looking at the Directional Movement Index (DMI), the rebound from mid-May appears to be a consolidation, rather than the start of a new leg higher. The Plus DMI and Minus DMI are under 25, suggesting non-trending/range conditions. However, unless the cross breaks below 145.50-146.50 (including the 200-period moving average on the 240-minute charts) the bullish pressure is unlikely to fade away.
Major Trend is Bullish
EURJPY: Today!Last week, the EUR/JPY pair surpassed the level of 159.47 and reached 159.75 before experiencing a reversal. As of now, the downside movement has been limited above 156.85, resulting in a neutral bias for this week initially. If the price breaks below 156.85, it will shift the bias to the downside towards the 55-day Exponential Moving Average (currently at 156.17) and potentially lower levels. Conversely, if there is a break above 159.75, it will indicate a continuation of the larger uptrend instead.
EURJPY BuyAs we all know that the economic condition of Japan is not fine, and they are also facing natural disasters. I still believe that Yen will remain weak in coming week. Better to look buying opportunities on such pairs which have YEN.
EURJPY I Potential retrace and decline to downsideWelcome back! Let me know your thoughts in the comments!
** EURJPY Analysis - Listen to video!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
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EUR/JPY on the Hourly Chart: Support and Resistance ZonesSupport Levels:
Support 1 @ 156.866:
The level at 156.866 serves as an immediate support zone on the hourly chart of EUR/JPY. Support levels are where the price typically finds buying interest and may reverse its downward movement. Traders should keep a close eye on this level, as a breach below it could signal increased bearish pressure.
Support 2 @ 156.023:
Support 2, situated at 156.023, represents another critical support level. This level has historically acted as a significant point of price reversal. If Support 2 is breached, it may suggest the potential for a more substantial downward move.
Resistance Level:
Resistance @ 159.767:
The resistance level at 159.767 stands out as a key level of resistance on the hourly EUR/JPY chart. Resistance levels are where the price often encounters selling pressure and may reverse its upward momentum. Traders should closely monitor this level, as a decisive move above it could indicate a bullish sentiment in the short term.
Conclusion:
Analyzing support and resistance levels is a fundamental aspect of forex trading. These levels provide valuable insights into potential price reversals and trend continuations. Traders in the EUR/JPY market should carefully consider the identified support and resistance zones outlined in this blog post.
It's important to remember that the forex market is influenced by various factors, including economic data releases, geopolitical events, and market sentiment. Therefore, traders should complement their analysis with other technical and fundamental indicators to make well-informed trading decisions.
Risk management is equally vital when trading forex. Traders should employ risk management techniques such as stop-loss orders and proper position sizing to protect their capital. Developing and adhering to a well-defined trading strategy is also key to achieving consistent success in the forex market.
EURJPY Analysis H4Here is my analysis for EURJPY on H4 using Order Block. The price could go bullish, you can put a pending order on the Order block or find an entry on LTF within OB Zone. Trade Safe!
EURJPY possible short for 157.90157.70 support line broke, CHoCH. Supply zone for short 159.25-48, stop loss above 159.48, target: 157.90
EURJPY, to ShortEURJPY could short after reaching the trendline resistance at the apex of the current descending channel. The price could experience a significant short after hitting the 158.420 resistance.
The price could drop to the next required support level at 156.885.
EURJPY Analysis 27Aug2023EURJPY last week was seen at the start of bearish, it has not been proven that there is a big bearish trend, this bearish possibility is just a correction. you can take a chance with the boundaries of wave B in the QM area. use the right money management to trade in this pair.
EURJPY - Continuation (from previous post)(This is the continuation of the previous post - attached - which became overly long.)
Currently;
SHORT off of that "before last" Stop Hunt @150.125, with very tight stops (<12 pips and excellent R/R ratio), just below major resistance. This is a long term Short Entry attempt. (However, the main set up/position is in the GBPJPY, with superior R/R characteristics!)
Here is a close up;https://www.tradingview.com/x/Mw8tOplz/
