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EUR/JPY Technical Analysis: Trend Continues But Hammer Opens New Opportunities

EUR/JPY Technical Analysis: Trend Continues But Hammer Opens New Opportunities

Nick Cawley, Strategist

Talking Points

- EURJPY trend still in place after recent bounce.

- Hammer formation on four-hour chart points to a short-term correction.

- If you’re looking for trading ideas, look at our technical analysis page and speculative sentiment index.

On the daily EUR/JPY chart, the recent short-term rally in the EUR is still intact with the September 21 to 22 lows of 112.08/112.09 the long-term target. Short-term resistance may be seen at the 23.6% Fibonacci level, currently sitting at 118.70.

Chart 1: EUR/JPY Daily Timeframe (November 31, 2016 to April 6, 2017)

EUR/JPY Technical Analysis: Trend Continues But Hammer Opens New Opportunities

Chart by IG

The short-term picture however may become clouded though by the appearance of a Hammer candlestick which could reverse the recent trend and push the pair back to the April 3 high of 119.06. Above here, the March 29 high of 120.45 comes into view. A failure at the hammer low of 117.36 opens further downside.

Chart 2: EUR/JPY Four-Hour Timeframe (February 28 to April 6, 2017)

EUR/JPY Technical Analysis: Trend Continues But Hammer Opens New Opportunities

Chart by IG

--- Written by Nick Cawley, Analyst

To contact Nick, email him at Nicholas.cawley@ig.com

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