empty
 
 
31.01.2023 10:10 PM
EUR/JPY accumulates more bullish energy

The EUR/JPY pair is moving sideways in the short term. Escaping from the current range could bring us new opportunities. Now, it stands at 141.44 far above today's low of 140.74. The rate seems undecided also because the Japanese and Eurozone data came in mixed today.

Tomorrow, the Japanese Final Manufacturing PMI is expected to remain at 48.9 points. The Eurozone CPI Flash Estimate is expected to report a 9.0% growth versus the 9.2% growth in the previous reporting period, while Core CPI Flash Estimate may report a 5.1% growth.

In addition, the German Final Manufacturing PMI and Eurozone Final Manufacturing PMI will be released as well.

EUR/JPY Consolidation!

This image is no longer relevant

EUR/JPY found support right above 140.75 again and now it has rallied. It has failed to reach the lower median line (LML) which represents dynamic support indicating strong upside pressure.

Technically, it's trapped between the 140.75 and 141.90 levels. The current range could represent an upside continuation pattern.

EUR/JPY Forecast!

A bullish closure above the 141.90 static resistance should open the door for further growth. This scenario offers a new long opportunity.

On the contrary, making a valid breakdown below 140.75 and through the lower median line (LML) signals a downside movement.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
EURJPY
Euro vs Japanese Yen
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Analysis and trading tips for EUR/USD and GBP/USD on March 20 (US session)

Pressure on euro returned after news emerged that producer prices in Germany fell in February. However, the decline was not as large as many economists had expected, so the need

Jakub Novak 11:51 2023-03-20 UTC+2

Analysis and trading tips for GBP/USD on March 20

Analysis of transactions and tips for trading GBP/USD The pair tested 1.2136 at a time when the MACD line was already far from zero, so the downside potential was limited

Jakub Novak 07:52 2023-03-20 UTC+2

Analysis and trading tips for EUR/USD on March 20

Analysis of transactions and tips for trading EUR/USD When the pair tested 1.0624, the MACD line was already far from zero, so the downside potential was limited. Sometime later, there

Jakub Novak 07:50 2023-03-20 UTC+2

Gold accelerates its rally

The yellow metal is strongly bullish and it seems determined to approach and reach new highs. It's trading at 1,948 at the time of writing far above yesterday's

Ralph Shedler 14:25 2023-03-17 UTC+2

Analysis and trading tips for EUR/USD and GBP/USD on March 17 (US session)

Pressure on euro returned after news emerged that inflation in the eurozone fell in February. However, the need for further aggressive policy from the European Central Bank remains, as underlying

Jakub Novak 12:30 2023-03-17 UTC+2

Analysis and trading tips for GBP/USD on March 17

The pair tested 1.2084 at a time when the MACD line was just starting to move above zero, which was a good signal to buy. This resulted in a price

Jakub Novak 08:49 2023-03-17 UTC+2

Analysis and trading tips for EUR/USD on March 17

When the pair tested 1.0616, the MACD line was just starting to move above zero, which was a good signal to buy. However, the price increase was not as strong

Jakub Novak 08:48 2023-03-17 UTC+2

EUR/USD: new leg higher, ECB decisive later

The EUR/USD pair rallied in the short term trying to recover yesterday's losses. The price turned to the upside as the Dollar Index plunged. The currency pair is trading

Ralph Shedler 13:20 2023-03-16 UTC+2

Analysis and trading tips for EUR/USD and GBP/USD on March 16 (US session)

Euro continues to recover from the loss it had after yesterday's collapse, while pound, on the other hand, is not doing as well as hoped. Traders will know if this

Jakub Novak 12:15 2023-03-16 UTC+2

Analysis and trading tips for GBP/USD on March 16

The pair tested 1.2131 at a time when the MACD line was just starting to move below zero, which was a good signal to sell. This resulted in a price

Jakub Novak 07:57 2023-03-16 UTC+2
Can't speak right now?
Ask your question in the chat.