EURJPY moves lower after hitting highest level since late 2014 last week – ForexLive | Jewelry Dukan

EURJPY on the weekly trades between higher extremes

While USDJPY has been trading to new highs since 1998, EURJPY fell below the June highs of 144.35 and September 12th 145.628. That EURJPY

EUR/JPY

EUR/JPY is the currency pair that includes the single currency of the European Union, the euro (symbol €, code EUR) and the Japanese yen of Japan (symbol ¥, code JPY). The pair rate indicates how many Japanese yen it takes to buy one euro. For example, if the EUR/JPY is trading at 125.00, it means that 1 euro is equal to 125 Japanese yen. The Euro (EUR) is the second most traded currency in the world while the Japanese Yen (JPY) is the third most traded currency in the world, making for an extremely liquid pair. Why the EUR/JPY Pair Remains an Attractive Option for Traders While currency pair spreads vary from broker to broker, the EUR/JPY pair in general often stays within the 1 pip to 3 pip spread range. The EUR/JPY is one of the few selected pairs that has a low spread and yet a decent daily range. Some of the important news for this pair includes the consumer price index (CPI) for the euro zone. Publications such as these give an idea of ​​changes in the prices of goods and services, as well as the unemployment rate for Japan, which measures the percentage of the country’s unemployed. For example, if this number goes lower, it will indicate strength in the Japanese economy, which will push the EUR/JPY pair lower. Of all the JPY pairs, EUR/JPY is arguably the most attractive to the wide range of traders regardless of their trading method. Its low spread and high volatility make it a great candidate for both short and long term trading. Compared to USD/JPY, it has a higher spread but higher range, while compared to GBP/JPY it has a lower spread but also lower range. In this sense, the EUR/JPY combines the best of both worlds, which explains part of its attractiveness

EUR/JPY is the currency pair that includes the single currency of the European Union, the euro (symbol €, code EUR) and the Japanese yen of Japan (symbol ¥, code JPY). The pair rate indicates how many Japanese yen it takes to buy one euro. For example, if the EUR/JPY is trading at 125.00, it means that 1 euro is equal to 125 Japanese yen. The Euro (EUR) is the second most traded currency in the world while the Japanese Yen (JPY) is the third most traded currency in the world, making for an extremely liquid pair. Why the EUR/JPY Pair Remains an Attractive Option for Traders While currency pair spreads vary from broker to broker, the EUR/JPY pair in general often stays within the 1 pip to 3 pip spread range. The EUR/JPY is one of the few selected pairs that has a low spread and yet a decent daily range. Some of the important news for this pair includes the consumer price index (CPI) for the euro zone. Publications such as these give an idea of ​​changes in the prices of goods and services, as well as the unemployment rate for Japan, which measures the percentage of the country’s unemployed. For example, if this number goes lower, it will indicate strength in the Japanese economy, which will push the EUR/JPY pair lower. Of all the JPY pairs, EUR/JPY is arguably the most attractive to the wide range of traders regardless of their trading method. Its low spread and high volatility make it a great candidate for both short and long term trading. Compared to USD/JPY, it has a higher spread but higher range, while compared to GBP/JPY it has a lower spread but also lower range. In this sense, the EUR/JPY combines the best of both worlds, which explains part of its attractiveness
Read this term The high hit 143.69 today before turning lower on intervention.

Looking at the weekly chart, the September high and yearly high were also the highest since the last week of December 2014. The 2014 high was 149.713. This high was the highest since October 2008. The 2008 high hit just under 170.00.

In contrast, the USDJPY

USD/JPY

USD/JPY is the currency pair that includes the United States Dollar (symbol $, code USD) and the Japanese Yen of Japan (symbol ¥, code JPY). The pair rate indicates how many Japanese yen it takes to buy one US dollar. For example, if the USD/JPY is trading at 100.00, it means that 1 US dollar is equal to 100 Japanese yen. The US Dollar (USD) is the most traded currency in the world, while the Japanese Yen is the third most traded currency in the world, resulting in an extremely liquid pair and very tight spreads, often in the 0 pip spread range up to 2 pip remain forex brokers. Although the USD/JPY range has not traditionally been particularly wide, the lack of large price movements often associated with other JPY pairs makes trading easier. This is especially true for short-term traders, although without offering a great pip potential. Despite being the second most traded pair in the world, the USD/JPY is not as popular with retail traders as one might think. The pair have a reputation for being “boring,” although that’s not entirely true. Trading the USD/JPY The JPY is considered a safe haven currency and investors often add exposure after periods of uncertainty or market related failures. Since both the US and Japan are highly developed economies, there are several key factors affecting the value of both currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. The monetary policies of the US Federal Reserve and the Bank of Japan are also important determinants of the value of any currency.

USD/JPY is the currency pair that includes the United States Dollar (symbol $, code USD) and the Japanese Yen of Japan (symbol ¥, code JPY). The pair rate indicates how many Japanese yen it takes to buy one US dollar. For example, if the USD/JPY is trading at 100.00, it means that 1 US dollar is equal to 100 Japanese yen. The US Dollar (USD) is the most traded currency in the world, while the Japanese Yen is the third most traded currency in the world, resulting in an extremely liquid pair and very tight spreads, often in the 0 pip spread range up to 2 pip remain forex brokers. Although the USD/JPY range has not traditionally been particularly wide, the lack of large price movements often associated with other JPY pairs makes trading easier. This is especially true for short-term traders, although without offering a great pip potential. Despite being the second most traded pair in the world, the USD/JPY is not as popular with retail traders as one might think. The pair have a reputation for being “boring,” although that’s not entirely true. Trading the USD/JPY The JPY is considered a safe haven currency and investors often add exposure after periods of uncertainty or market related failures. Since both the US and Japan are highly developed economies, there are several key factors affecting the value of both currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. The monetary policies of the US Federal Reserve and the Bank of Japan are also important determinants of the value of any currency.
Read this term is now at its highest level since 1998.

Although the BOJ is concerned about USDJPY (JPY weakness), EURJPY is not as alarming due to EURUSD weakness. It’s higher, but it was a lot worse.

What was the impact of EURJPY today from a technical perspective?

Looking grossly at the weekly chart above, the price peaked in September towards the late 2013 high in the 145.63 area. This high was broken in 2014 when the pair hit that year’s high of 149.71, but fell back below the 145.63 level in late 2014 and only returned to the range this month. The 144.20 to 145.628 is now resistance (see green numbered circles).

On the downside, the best support on the weekly chart is now between 133.15 and 134.58. This area hosts a range of swing levels on this chart (see red numbered circles and lower yellow area). Today’s low hit 138.69, which is roughly in the middle of this range.

Drilling into the daily chart below, the decline in price took the EURJPY pair below a swing area at 142.314 and up to and through the 100-day ma at 139.173. However, this break below the MA was short-lived as buyers leaned against the upsloping trendline at 138.25. The low reached 138,697. As the price is trading at 140.00 it is trading at the lower end of this range with support up to 138.25 and resistance above up to 144.252.

Taking the analysis one step further to the hourly chart below, today’s plunge initially found support right at the 100-day moving average near 139.174. The price corrected higher towards 140.63 – 141.09 resistance area. Buyers turned to sellers as they surged through this level to 141.36. A new low was reached but the momentum could not be sustained. Price is restoring support against the 100-day moving average at 139.174.

What now?

If the buyers are to take more control, the above mentioned swing area between 140.63 and 141.09 would need to be breached followed by the 50% mid point of this week’s down move at 141.365 to break. Moving above that, a move towards 142.26 – 142.436 would be the next big target.

On the upside, a drop below the 100-day moving average at 139.174 should lead to further selling on the second attempt (see chart below).

So overall EURJPY is historically higher but it has been worse. In the short-term, the move down sent the price to a key support level near the 100-day moving average. Vendors had their shot and they missed. However, the move also restored some resistance levels that would need to be broken to keep the longer-term bullish bias intact.

EURJPY on the hourly chart defines the short-term alignment levels

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