Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

EUR/JPY: Stay Long Or Look For Low To Open Longs

ByCarol Harmer
Published 06/17/2013, 03:55 AM
Updated 07/09/2023, 06:32 AM
USD/JPY
-
EUR/JPY
-
JP225
-

Our cross on Friday went down following the USD/JPY quotation looking for a higher low and bounced at 125.18.

The majors that lead the cross are in a different situation. The USD/JPY is bouncing from a strong support at the 38% Fibo level of the last wave up, following the bounce in the Nikkei 225 from its 50% Fibo retracement level of its movement up.

Please put a chart of the Nikkei 225 and a chart of the USD/JPY one above the other. The supports are really strong and I think that we are going to see follow through in this bounce, if the FOMC does not take measures that the market does not expect. The euro is having difficulties going above 1.3355.

For our cross this means that we have to stay long or look for a low to open longs. Also, the daily stochastic has shown divergences, price lower for the same stochastic level. A nice level could be 126.08 with a stop below 126.00.

The firs resistance is 126.51 and the second is 126.74, but the key stop is 127.03.

The first support is 126.15 and the second is 125.73.

EURJPY

Latest comments

Loading next article…
Install Our App
Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.