EUR /JPY and USD/JPY Outlook
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Weaker Japanese Yen Throughout the Board
On mid-Oct, Japanese Yen softened in opposition to Euro and US Greenback. On Oct 21, EUR/JPY printed 121.47- its highest stage in over three months. Since then, uptrend momentum paused indicating to purchaser’s indecision. In the meantime, USD/JPY rallied on Oct 30 to 109.29 – its highest stage in practically two months.
Since Oct 9, the Relative Power Index (RSI) have remained above 50 on EURJPY highlighting the uptrend transfer continues to be intact.
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EUR/JPY Every day PRice CHART (DEC 20, 2016 – NOv 5, 2019) Zoomed Out
EUR/JPY Every day Value CHART (Could 27 – NOV 5, 2019) Zoomed in
Trying on the each day chart, we discover on Friday EUR/JPY U-turned then rallied eyeing a check of the excessive finish of present buying and selling zone 119.78 -121.25. Right this moment, the worth has traded above the excessive finish. Nonetheless, it pulled again to the aforementioned buying and selling zone.
Its value noting that, if the worth breaks and stays beneath the neckline of double high sample, this might ship EURJPY in direction of 109.05. In that state of affairs, any shut beneath the low finish of the buying and selling zone would possibly trigger extra bearishness in direction of 117.30. Though, the weekly assist ranges underlined on the chart (zoomed in) ought to be thought-about.
Then again, any failure in closing beneath the low finish of the zone may see EURJPY buying and selling once more in direction of the excessive finish of the zone. Additional shut above the excessive finish would enhance the chance of the worth to rally in direction of 122.52. Though, the weekly resistance ranges underscored on the chart could be value monitoring.
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USD/JPY Every day PRice CHART (June 11, 2017– Nov 5, 2019) Zoomed Out
USD/JPY Every day PRice CHART (April 30 – Nov 5, 2019) Zoomed In
Trying on the each day chart, we discover on Friday USD/JPY U- turned equally to EUR/JPY. Yesterday, the worth rallied to the next buying and selling zone 108.61 – 109.75 creating the second shoulder of the inverted head and shoulders sample mentioned in our final replace.
Thus, the worth possibly on its method for a check of the excessive finish of the zone. Additional shut above 109.84 may see USDJPY buying and selling even greater in direction of the neighborhood of 110.48-52. However, the neckline of the inverted H&S with the weekly resistance stage marked on the chart (zoomed in) ought to be saved in focus.
That mentioned, any shut beneath the low finish of the zone could embolden sellers to press USDJPY in direction of 107.30. Additional shut beneath this stage may ship the worth in direction of 105.50. Nonetheless, the weekly assist ranges underscored on the chart have to be watched carefully.
Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi