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.

Free Trading Guides
EUR/USD
Bullish
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.69%, while traders in US 500 are at opposite extremes with 72.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F662hrVIJs
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.05% 🇳🇿NZD: -0.11% 🇯🇵JPY: -0.23% 🇨🇦CAD: -0.25% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Eap93N4RvZ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -1.82% Wall Street: -1.83% Germany 30: -2.34% France 40: -2.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/g3El2CLFLt
  • My trading video for today: 'Dow Ends Worst Quarter Since 1987, Oil a Record and Trump Talks Infrastructure' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/01/Dow-Ends-Worst-Quarter-Since-1987-Oil-a-Record-and-Trump-Talks-Infrastructure.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/5Gp7y2QwCB
  • Forex Update: USD gains against its major counterparts, with GBP (-0.31%) and CAD (-0.31%) showing the biggest losses. https://t.co/tsmFUrcLAQ
  • Wall Street Futures [delayed]: Dow Jones (-1.37%) S&P 500 (-1.40%) Nasdaq (-0.98%) -BBG
  • The $USD is on the defensive after the Fed activated open-ended QE to becalm panicky financial markets, but scope for renewed stress means losses may be limited. Get your market update from @IlyaSpivak here:https://t.co/dX4Y2akuLc https://t.co/HTn5MtkpFO
  • (Sentiment Weekly) The #DowJones, #SP500 and #DAX30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/01/Dow-Jones-SP-500-DAX-30-Outlook-Will-the-Bounce-Last.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/qpCql2i9M8
  • Indonesia cuts 2020 GDP growth estimate to 2.3% from 5.3% $USDIDR #Rupiah -BBG
EUR/JPY Technical Analysis: Will Prior Resistance Bring Fresh Support?

EUR/JPY Technical Analysis: Will Prior Resistance Bring Fresh Support?

2018-02-05 19:36:00
James Stanley, Strategist
Share:

Talking Points:

- EUR/JPY staged a brisk topside breakout last week.

- This bullish breakout continues a trend that’s been in-place for almost a full year now.

- If you’re looking to improve your trading approach, check out our Traits of Successful Traders research. And if you’d like more of a basic primer for the FX market, check out our New to FX Guide.

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

EUR/JPY to Fresh Two-Year Highs

Last week saw quite the move in EUR/JPY

After coming into the week digging out support at a prior area of resistance, EUR/JPY went on a strong bullish move to set a fresh two-year high in the pair at 137.50. This gave us a total range for last week of more than 330 pips as a combination of Euro strength and Yen weakness showed-up around the same time to help continue the bullish trend. The price of 137.50 was a secondary profit target in our analyst pick after the level of 136.00 was taken out.

EUR/JPY Daily Chart: Fresh Two-Year Highs

EUR/JPY Daily Chart

Chart prepared by James Stanley

Will Bulls Show up to Offer Support at Prior Resistance?

After last week’s breakout, the natural question is now one of continuation potential, and there are two areas of relevance than can be helpful for this purpose. The first is our target from last week, around 136.00. Support showing in this area could retain the pair’s bullish stance as we move deeper into February. Also an option would be the 135.00 area, which had previously helped to establish a zone of support before price action way to last week’s deeper support test around 134.41.

On the below chart, we’re looking at each of these price areas, and support showing at either opens the door to bullish continuation strategies, targeting a re-test of that prior high at 137.50.

EUR/JPY Four-Hour Chart: Potential Supports Applied

EUR/JPY Four-Hour Chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the Euro or Japanese Yen? Our DailyFX Forecasts for Q1 have a section for both EUR/USD and USD/JPY. We also offer a plethora of resources on our EUR/JPY page, and traders can stay up with near-term positioning via our IG Client Sentiment Indicator.

--- 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

News & Analysis at your fingertips.