• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

AUD/JPY, EUR/JPY Key Levels for the Week Ahead

Forex Tips by Forex Tips
October 3, 2020
in Technical Analysis
0
USD/JPY Price- A Clear Trend Sill Lacking
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Japanese Yen Technical Forecast: Neutral

  • The Japanese Yen’s resurgence against its major counterparts seems to be running out of steam.
  • EUR/JPY rates guided higher by 100-DMA after sliding almost 4% from the yearly high.
  • AUD/JPY consolidating above key support after 4-day rally.

JPY Forecast
JPY Forecast

Recommended by Daniel Moss

Get Your Free JPY Forecast

The Japanese Yen’s resurgence last month may fail to carry over into October, as the haven-associated currency struggles to hold above pivotal chart support.

JPY Index* Daily Chart – 100-DMA Capping Upside

JPY Index Chart

JPY index daily chart created using TradingView

*JPY index averages CAD/JPY, AUD/JPY, EUR/JPY, GBP/JPY

The Japanese Yen could continue to slide lower against its major counterparts in the near-term, after failing to break above the sentiment-defining 200-day moving average and dipping back below the 100-DMA.

The RSI’s failure to break into overbought territory and a bearish crossover on the MACD indicator is indicative of swelling downside momentum, which may ultimately generate a more extensive downside push if price breaks back below the August high.

Therefore, failure to hurdle confluent resistance at the March low and downtrend extending from the yearly high could signal the resumption of the primary uptrend and bring the September low back into focus.

AUD/JPY Daily Chart – Consolidating Above August Low

AUDJPY Price Chart

AUD/JPY daily chart created using TradingView

AUD/JPY rates could be poised to reverse lower in the coming days if resistance at the 21- and 50-DMA (75.75) continues to stifle upside potential.

With the MACD indicator tracking firmly in bearish territory and the RSI dipping back below its neutral midpoint, the path of least resistance seems skewed to the downside.

However, if price remains constructively perched above the June 16 swing-high (75.08) and can breach resistance at the yearly open (76.24), a retest of the yearly high (78.46) could be in the offing.

Conversely, a daily close below psychological support at the 75.00 mark may intensify selling pressure and push AUD/JPY back to the uptrend extending from the June 12 swing-low (72.53)



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily -20% -2% -10%
Weekly -20% 4% -8%

EUR/JPY Daily Chart – 100-DMA Nurturing Nascent Rebound

EURJPY

EUR/JPY daily chart created using TradingView

Despite breaking the neckline of Head and Shoulders reversal pattern and slicing through Rising Wedge support, EUR/JPY rates look poised to climb back towards the June high in the short-term.

A bullish crossover on the MACD indicator may encourage would-be buyers if confluent support at the 100-DMA (122.97) and uptrend extending from the May low (114.39) remains intact, with a daily close back above the June high (124.43) needed to carve a path for price to test the yearly high (127.07).

That being said, the RSI’s struggles to snap the downtrend extending from the August extremes hints at building bearish momentum and may ultimately result in a more extensive correction in EUR/JPY rates, if sellers can successfully drive price back below psychological support at the 122.00 mark.



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily -18% -2% -9%
Weekly -15% 2% -6%

— Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

JPY Forecast

JPY Forecast

Recommended by Daniel Moss

Get Your Free JPY Forecast





Source link

Share76Tweet47

Related Posts

Australian Dollar Technical Forecast: AUD/USD at Crucial Juncture

by Forex Tips
April 11, 2021
0

AUD/USD Technical OutlookAUD/USD trading below neckline of head-and-shoulders patternNot much more time left for price to negate the patternWeakness...

Retail Investors Buying the Dip?

Inverse “Head and Shoulders” Pattern Hints At Upside Potential

by Forex Tips
April 10, 2021
0

Nasdaq 100 index Technical Forecast: BullishThe Nasdaq 100 index resumed its upward trajectory, aiming to challenge its record highsPrices...

USD/JPY at a Big Spot for Directional Themes

USD/JPY at a Big Spot for Directional Themes

by Forex Tips
April 10, 2021
0

USD/JPY Technical Forecast: NeutralUSD/JPY had a very strong Q1 as the reflation theme drove a bullish trend in the...

Bitcoin (BTC/USD) Forecast: Bitcoin Threatens Bullish Breakout

Bitcoin (BTC/USD) Forecast: Bitcoin Threatens Bullish Breakout

by Forex Tips
April 10, 2021
0

Bitcoin (BTC/USD) Forecast: Bitcoin prices have continued to edge higher, threatening to break through the upper bound of the...

Recovery Stalls Below Record High- XAU/USD Levels

Double Bottom Reversal May Bolster XAU/USD Sentiment

by Forex Tips
April 9, 2021
0

Gold Technical Forecast: BullishXAU/USD pivots higher, confirming a long-term trendline within its descending channelGold prices gained over the last...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.