Learn to trade CFDs with Tony Sycamore
Hedge your share portfolio with CFDs. Join our free webinar on 14th May.
Market News & Analysis
Featured Trade: EUR/JPY short term bullish tone remains intact
Kelvin Wong April 15, 2019 7:31 PM
Short-term technical outlook on EUR/JPY (Mon 15 Apr)
click to enlarge charts
- Since its 124.77 minor swing low of 10 Apr 2019, the EUR/JPY cross pair has staged a bullish breakout from its minor descending trendline resistance from 01 Mar 2019 high.
- Short-term momentum remains positive as the hourly Stochastic oscillator continues to inch upwards and still has further room to manoeuvre to the upside before it reaches an extreme overbought level of 90.
- The keys short-term support rests t 126.30 which is defined by the lower boundary of the minor ascending channel support from 28 Mar 2019 low & 23.6% Fibonacci retracement of the recent push up from 10 Apr 2019 low to 12 Apr 2019 high.
- The next significant near-term resistance stands at 127.50 which is defined by the upper boundary of the minor ascending channel from 10 Apr 2019 low, 01 Mar 2019 swing high & 1.382 Fibonacci projection of the rebound from 28 Mar 2019 low to 09 Apr 2019 high projected from 10 Apr 2019 low.
Key Levels (1 to 3 days)
Pivot (key support): 126.30
Resistances: 126.90 & 127.50
Next support: 125.60
If the 1.5765 key short-term pivotal support holds, the EUR/JPY may see a further push up to target 126.90 follow by 127.50 next.
On the other hand, a break with an hourly close below 126.30 negates the bullish tone for a deeper pull-back towards the next support at 125.60 (pull-back of the former descending trendline resistance from 01 Mar 2019 & former minor swing high area of 09 Apr 2019).
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.