EURJPY Daily Analysis

[FXGlory Ltd]

EURJPY analysis for 21.09.2023

The EURJPY, on a 4-hour chart, exhibits a sideways trend, indicating a lack of strong directional momentum. Even though it has touched the upper Bollinger band, the consistent width of the bands suggests limited volatility and a maintained equilibrium between buying and selling pressures. The MACD's bullish signal, with its line above the signal line and green bars, suggests short-term bullish momentum. However, considering the broader sideways trend, traders should exercise caution and watch for potential reversals or continuation of the range-bound movement.


FXGlory
21.09.2023

 

[FXGlory Ltd]

EURJPY analysis for 18.10.2023

The EURJPY has been displaying bullish indications, notably through the Ichimoku Kinko Hyo indicator where the last cloud (Kumo) is green, signifying a potential uptrend. The price candles residing above the cloud further underscore this bullish sentiment. Additionally, the conversion line (Tenkan-sen) is positioned above the base line (Kijun-sen) and aligns with the candles, suggesting short-term buying pressure. However, the Relative Strength Index (RSI) stands at 49, indicating a neutral momentum. Furthermore, the RSI-based MA line is trending downwards, which could hint at apotential bearish divergence. Considering these dynamics, caution is advised as the market could show mixed signals in the near term.

FXGlory
18.10.2023

 

[FXGlory Ltd]

EURJPY analysis for 31.10.2023

The EURJPY 4H chart shows signs of market consolidation within the Bollinger Bands. The currency pair has been oscillating between the upper and lower bands, indicating periods of volatility followed by stabilization. Notably, the Parabolic SAR dots, initially above the price candles suggesting a bearish trend, have recently moved below them, hinting at a possible bullish reversal. However, the proximity of the price candles to the middle Bollinger Band indicates a lack of strong directional bias. Traders should exercise caution and wait for a clear breakout from the bands or a consistent trend in the Parabolic SAR before making decisive moves. The upcoming sessions will be crucial to determine the pair's next direction.


FXGlory
31.10.2023

 

[FXGlory Ltd]

EURJPY Daily Technical and Fundamental Analysis for 31.05.2024

Time Zone: GMT +3
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The EUR/JPY currency pair chart is expected to be influenced by several economic data releases today. Key among these is the French Final Private Payrolls report, which is forecasted to show a 0.2% increase. A higher than expected result would be positive for the Euro. Additionally, other data such as German Import Prices, German Retail Sales, French Consumer Spending, and various CPI figures will be released, though these are expected to have low impact. On the Japanese side, the Tokyo Core CPI y/y is forecasted at 1.9%, indicating mild inflation pressures, which could influence the JPY.


Price Action:

The EUR JPY forex pair has been experiencing a gradual bullish trend in the H4 timeframe. The price has recently retraced but remains above the critical support levels, suggesting the potential for continued upward movement. The recent candles show a consolidation phase, with the price moving towards the middle band of the Bollinger Bands.


Key Technical Indicators:

Bollinger Bands:

The Bollinger Bands are widening, indicating increased volatility. The EUR-JPY price has been mostly moving between the middle and upper bands, showing bullish momentum. The last few candles of EURJPY suggest a retracement towards the middle band, but the overall direction remains upwards.

Parabolic SAR:

The Parabolic SAR dots are currently positioned below the candles, which is a bullish signal. This indicator supports the ongoing upward trend, as the last three dots confirm the bullish stance.

MACD (Moving Average Convergence Divergence):

The MACD line is slightly above the signal line, and the histogram shows decreasing bearish momentum in EUR/JPY price. This suggests that the bullish trend might be losing some strength, but it is not yet reversing. Traders should watch for a potential bullish crossover which could reaffirm the uptrend.

RSI (Relative Strength Index):

The RSI is at 46.86, indicating a neutral stance. This suggests that there is room for further upward movement before reaching overbought conditions. The RSI supports the current consolidation phase within the broader bullish trend.


Support and Resistance:

Support Levels:

Immediate support is at 169.000, which aligns with the 61.8% Fibonacci retracement level and recent price action od EURJPY. Further support is found at 167.860, coinciding with the 50% Fibonacci retracement.

Resistance Levels:

Immediate resistance is at 170.825, where the recent highs align with the upper Bollinger Band.
Further resistance is at 171.415, the recent peak and 100% Fibonacci extension.


Conclusion and Consideration:

The EURJPY pair on the H4 chart shows a predominantly bullish trend with temporary consolidation. Key technical indicators such as the Bollinger Bands, Parabolic SAR, MACD, and RSI support the likelihood of continued upward movement, though with some caution due to the consolidation phase. Traders should monitor upcoming economic data releases from the Eurozone and Japan, as they could introduce volatility and influence the pair's direction.


Disclaimer: The provided EURJPY analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis of EURJPY forex pair before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information.


FxGlory
31.05.2024

 

[FXGlory Ltd]

EURJPY H4 Technical and Fundamental Analysis for 31.07.2024

Time Zone: GMT +3
Time Frame: 4 Hours (H4)



Fundamental Analysis:
The EUR/JPY pair is influenced by various fundamental factors, including economic indicators from the Eurozone and Japan. For the Euro (EUR), recent data from the Eurozone's economic performance, particularly GDP growth and inflation rates, are pivotal. Reports from the European Central Bank (ECB) regarding monetary policy also play a crucial role. For the Japanese Yen (JPY), key indicators include the S&P Global Manufacturing PMI and the Bank of Japan's stance on monetary policy. The overall economic health and consumer confidence in both regions are significant drivers for the EUR/JPY pair.



Price Action:
The EUR/JPY H4 chart shows a bearish trend, with the recent price action forming lower highs and lower lows. The pair's price has broken below the Ichimoku Cloud, indicating a bearish sentiment. The EUR/JPY pair has recently found support near 164.15 and resistance around 168.01. The formation of a descending pattern suggests further downside potential unless a strong reversal signal emerges.



Key Technical Indicators:

Ichimoku Cloud: The price is below the Ichimoku Cloud on the EUR/JPY H4 chart, indicating a bearish trend. The Tenkan-sen is below the Kijun-sen, reinforcing the bearish outlook for this pair. The Chikou Span is also below the price, further confirming the bearish sentiment for EUR against JPY.

MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram is negative, indicating bearish momentum. The recent contraction of the histogram suggests a potential weakening of the bearish momentum.



Support and Resistance:

Support Levels:

The key support level is at 164.15, which has been tested multiple times and has held.

Resistance Levels:

The primary resistance level is at 168.01, with another significant level at 166.08.



Conclusion and Consideration: The EUR/JPY technical analysis on the H4 chart exhibits a strong bearish trend supported by the Ichimoku Cloud and MACD indicators. The EUR/JPY price action suggests a continuation of the downward movement unless a significant reversal signal occurs. Traders should watch for any breakouts above the resistance level of 168.01 or below the support level of 164.15 for potential trade opportunities. It's essential to monitor upcoming economic data releases for the Euro and the Yen, as these can impact the pair's direction. As always, employing proper risk management strategies, including stop losses, is crucial in this volatile market.

Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.



FXGlory
31.07.2024

 

[FXGlory Ltd]

EURJPY Daily Technical and Fundamental Analysis for 11.04.2024

Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EURJPY pair faces a fundamental backdrop characterized by key economic data releases. For the Euro, today's focus will be on several Purchasing Managers' Index (PMI) reports. These PMIs are leading indicators of economic health and can drive volatility if the data significantly diverges from expectations. The higher-than-expected PMI readings would indicate economic expansion, potentially bolstering the Euro, while weaker-than-expected numbers could depress it. In contrast, the Japanese Yen is likely to experience lower liquidity and irregular market activity as Japanese banks remain closed for Culture Day. This could lead to increased market volatility as traders respond to economic data from the Eurozone.


Price Action:
In the H4 timeframe, EURJPY has been trading within an ascending channel, showing steady bullish momentum over the past few weeks. The recent candles display consolidation near the upper boundary of this channel, indicating a potential struggle between buyers and sellers. The price is hovering in the lower half of the Bollinger Bands, suggesting a correction phase. Despite this, the bullish trendline has held, providing dynamic support. The Parabolic SAR's placement above the candles signals bearish pressure, warranting caution for a potential trend reversal.


Key Technical Indicators:
Bollinger Bands: The price is currently in the lower half of the Bollinger Bands, suggesting a bearish sentiment or a potential bounce from oversold levels. A move to the middle or lower band could confirm the direction.
MACD (Moving Average Convergence Divergence): The MACD shows a weakening bullish trend as the histogram shrinks, signaling fading buying pressure. A bearish crossover could indicate a shift in momentum.
RVI (Relative Volatility Index): The RVI lines are close, indicating market indecision and a lack of strong directional movement. This supports the current consolidation in price action.
Parabolic SAR: The Parabolic SAR's last two dots above the candles indicate emerging bearish pressure. A continuation below could signal further downside risk.
%R (Williams %R): The %R at -80.16 shows the pair is in oversold territory, hinting at a potential rebound. However, extended oversold conditions may sustain bearish momentum.


Support and Resistance Levels:
Support: Immediate support is seen at 164.880, aligning with the 61.8% Fibonacci retracement level. A break below this level could drive the price towards the 50.0% Fibonacci retracement at 163.320.
Resistance: The nearest resistance level stands at 166.440, marked by the upper boundary of the ascending channel. A breach above this level could open the path to the next resistance near 167.220.


Conclusion and Consideration:
The EURJPY pair on the H4 chart exhibits a mixed outlook. While the overall trend has been bullish within the ascending channel, key indicators like the Parabolic SAR and MACD suggest that momentum is fading, with bearish signals emerging. The upcoming economic data for the Euro and low liquidity for the Yen due to the Japanese holiday add an element of unpredictability. Traders should be prepared for potential breakouts and consider setting stop losses carefully. Monitoring economic indicators and news events will be crucial in navigating the current market environment.


Disclaimer: The analysis provided for EUR/JPY is for informational purposes only and does not constitute investment advice. Traders are encouraged to perform their own analysis and research before making any trading decisions on EURJPY. Market conditions can change quickly, so staying informed with the latest data is essential.


FXGlory
11.04.2024