EUR/JPY Stays Above Ascending Trend Line
ForexCycle.com | Oct 11, 2017 07:25AM ET
EUR/JPY stays above an ascending trend line on its daily chart, indicating that the price remains in the uptrend from 114.85. As long as the trend line support holds, the upside movement could be expected continue.
On the 4-hour chart, the EUR/JPY moved sideways in a trading range between 131.74 and 133.11. A breakout of 133.11 resistance could take price towards 134.40 previous high. Above this level could signal resumption of the uptrend from 114.85, then another rise towards 140.00 could be seen.
On the downside, a breakdown below 131.74 support could bring price back towards next support level at 129.36, followed by 127.56. The 127.56 level is treated as key support of the uptrend 114.85. Below this level would confirm that the upside movement had completed at 134.40 already, then the pair would find next support level at 112.40.
There is a bullish trend line from 109.04 to 114.85 now at around 118.00 on the weekly chart. This would be the final target for the downside movement.
- Support levels: 131.74 (the September 26 low), 129.36 (the September 6 low), 127.56 (the August 18 low), 122.40 (the June 15 low), 118.00 (the bullish trend line on the weekly chart), 114.85 (the April 17 low).
- Resistance levels: 133.11 (the September 29 high), 134.40 (the September 22 high), 141.05 (the June 2015 high), 149.75 (the December 2014 high).
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.