News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Sunshine and rainbows for #Gold bulls at the moment, as yields on 30-year Treasuries validate the downside break of a Descending Triangle and eye a push back below 2.2% Gold’s Double Bottom implies a move to 1835 is on the cards in the near term #GLD #US30Y https://t.co/PSSdOolvlP
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VNFQudLmfc
  • #USDZAR looking incredibly interesting after breaching the neckline of a Double Top pattern A short-term bounce could be at hand but if 14.50 remains intact, a more extended push lower seems likely in the coming weeks $USDZAR https://t.co/1rHgmX4zyB
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
  • 🇦🇺 Retail Sales MoM Prel (MAR) Actual: 1.4% Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
EUR/JPY Technical Analysis: From Failure High to Bearish Swing

EUR/JPY Technical Analysis: From Failure High to Bearish Swing

James Stanley, Senior Strategist

To receive James Stanley’s Analysis directly via email, please sign up here.

Talking Points:

In our last article, we looked at the ‘failure high’ in EUR/JPY as the pair fell short of taking out the prior May-high by a single pip. As we had written, while the trend was undeniably bullish, the fact that bulls lost motivation whilst testing those prior highs may have been deductively telling us something. Shortly after, sellers enveloped price action in the Euro and this drove EUR/JPY down to a key support level around 123.22, which is the 23.6% retracement of the most recent bullish move, taking the low in April up to the May high.

EUR/JPY Technical Analysis: From Failure High to Bearish Swing

Chart prepared by James Stanley

The net of the past three weeks of price action in EUR/JPY has been a rather chaotic range near the top of a well-developed bullish move. So, while near-term price action has taken on a bearish tonality, the longer-term formation here is still bullish in nature. Nonetheless, price action remains very close to the top of that longer-term bullish formation, and traders may want to look for a deeper retracement before adding bullish exposure with longer-term time horizons. There are two potential zones to watch for such an indication; with ‘S1’ showing between 121.62-121.96, while ‘S2’ straddles the 120.00 psychological level (119.91-120.32).

EUR/JPY Technical Analysis: From Failure High to Bearish Swing

Chart prepared by James Stanley

For shorter-term bearish strategies, we’re at an interesting area of potential resistance. We had looked at 124.50 as a ‘line of demarcation’ in our previous article, and this area continues to elicit interest. This area had given a brief element of resistance before the bearish move extended after this week’s open; and taking a Fibonacci retracement around this most recent bearish move shows the 50% marker at 124.62. This can open the door to short-side swings with stops above 124.78 or 125.00, with targets cast towards 123.75 and then a re-test of prior lows at 123.22.

EUR/JPY Technical Analysis: From Failure High to Bearish Swing

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES