Technical Analysis – EURJPY stubbornly fights for an upturn
EURJPY remains resilient above pivotal territory
Some recovery likely, but short-term risk not bullish yet
Eurozone Q2 GDP growth +0.3% q/q vs +0.2% q/q expected
EURJPY is making another attempt to pierce through the 168.00 level and the support-turned-resistance trendline from February at 168.17.
Although previous efforts were fruitless, the pair keeps defending itself above long-term trendlines for the fourth day, and with oversold conditions detected by the technical indicators, there is a possibility of positive outcomes for the bulls.
A close above 168.17 might confirm an extension towards the 169.72 barrier, though only a break beyond the 20- and 50-day simple moving averages (SMAs) and April’s top of 171.56 would brighten the short-term outlook. A continuation higher could halt near the 172.55 territory, where the price got rejected in mid-July. Another success there might clear the way towards July's high of 175.41.
Should selling forces resurface, the price might again seek shelter somewhere between 166.15 and 165.00. The 200-day SMA and the 50% Fibonacci level at 164.27 will be closely monitored too. A breach could lead to a swift decline towards the 61.8% Fibonacci level of 161.65.
As regards the market trend, the pair has charted a lower low below June’s trough of 167.56, raising concerns of a bearish trend reversal as the 20- and 50-day SMAs approach a negative intersection.
To summarize, EURJPY is still exposed to downside risks, but there is a chance of a rebound or consolidation as the pair seems to be emerging from oversold conditions.免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
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