Technicals

Add as a preferred source on Google

FxWirePro: EUR/JPY rejected at session highs by 123.64, good to sell rallies

Japan's hopes to obtain endorsement for fiscal measures crushed, G7 leaders issued strong warning to the Japanese authorities against fx intervention. JPY strength seen across the board post G7 meet, EUR/JPY falls inline…

1 min read
FxWirePro: EUR/JPY rejected at session highs by 123.64, good to sell rallies
Image from the original EconoTimes article

Read the original article

  • Japan's hopes to obtain endorsement for fiscal measures crushed, G7 leaders issued strong warning to the Japanese authorities against fx intervention.
     
  • JPY strength seen across the board post G7 meet, EUR/JPY falls inline with other majors.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-on-track-to-test-124-levels-major-resistance-at-12460-211042) has hit TP1 at 124.
     
  • Pair rejected at session highs by 123.64. Major resistance aligns at 124.60. Further upside only on breaks above.
     
  • Support on the downside are located at 123, 122.92 (May 19th lows) and then 122.61 (May 16th lows).
     
  • Series of services and manufacturing PMI reports to be released from the Euro area in focus for further impetus in the pair.
     
  • Techs indicate downside for the pair. Stcohs and RSI are biased lower.
    ​

Recommendation: Sell rallies around 123.40/50, SL: 124, TP: 122.95/122.60/122
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560