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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Was an absolute please to be back on @ausbiztv again today with @NadineBlayney discussing the Australian Dollar ahead of the #RBA (due in 30min!) Check out the full clip below for my thoughts on where #AUD #AUDNZD may go here -
  • Wuhan to conduct citywide Covid tests after infections found -BBG
  • (Equities Special) Nasdaq 100 Forecast for the Week Ahead: Tech May Outperform the Dow Jones #NASDAQ #NASDAQ100 #DowJones #NFPs
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.17% Gold: -0.11% Silver: -0.24% View the performance of all markets via
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.31% 🇯🇵JPY: 0.09% 🇬🇧GBP: 0.06% 🇪🇺EUR: 0.03% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.03% View the performance of all markets via
  • Tencent Holdings (700 HK) slumped over 9% amid fears about regulatory risks over the gaming sector. Chinese state media published an article on Tuesday citing online games as "opium" to teenagers, spurring concerns about Tencent's future.
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.81%, while traders in France 40 are at opposite extremes with 79.46%. See the summary chart below and full details and charts on DailyFX:
  • 🇦🇺 Investment Lending for Homes (JUN) Actual: 0.7% Previous: 13.3%
EUR/JPY Technical Analysis: Could Price Rally to 124.28 ?

EUR/JPY Technical Analysis: Could Price Rally to 124.28 ?

Mahmoud Alkudsi, Analyst

EUR/JPY Price Outlook

  • EUR data release today, and tomorrow might spark a move
  • The EUR/JPY Price action around 123.10

See the Q2 Euro forecast to learn what is likely to drive price action through mid-year!

See the DailyFX Economic Calendar for a comprehensive look at all next week’s data releases.

Having trouble with your trading strategy?Here’s the #1 mistake that traders make

EUR/JPY Daily Price Chart (May 2018 – May 14, 2019)

EUR/JPY Price Daily Chart

Trading around 123.10 with hints of weakness in bearish momentum

On May 6, EUR/JPY opened with a downside break-away gap, showing more momentum for the price to trade lower. On the following day the pair broke below 123.96, hinting towards 123.10 where it found support and rebounded. On May 9, EUR/JPY broke below 123.10 and the selloff stopped around the levels mentioned in last week’s article and began pulling back the same day. Read more in Trading above and below 123.05 – levels to watch

Yesterday, sellers again pushed EUR/JPY below 123.10, however; they failed to take the price to the lower end of the trading range located at 122.41 and below the May 9 low at 122.48, indicating weakening bearish momentum. This was also demonstrated in the Relative Strength Indicator (RSI), which rebounded twice from oversold territory between May 9 and 13, highlighting diminishing bearish momentum.

To Summarize: The downtrend of the pair was confirmed since the start of last week, but sellers are showing hesitation at this stage. Unless the price breaks below 122.41 the bearish movement could continue towards 121.94, contingent on clearing the 23.6% Fibonacci retracement at 122.12. Also, a close below 121.94 could entice EUR/JPY to swing lower towards 120.90. Support levels at 121.54 and 121.23 may be worth monitoring.

How EUR/JPY would correct its downtrend movement?

If the pair keeps trading below the downtrend line starting from the April 10 low it will be difficult to talk about a price correction, however; if the price closes above 123.40 that may start a rise towards 124.28. In this case, resistance levels at 123.63, 123.96, and 124.04 need to be watched along the way.

Just getting started?See our beginners’ guide for FX traders

EUR/JPY Prices 2Hour Chart (May 14, 2019)

EUR/JPY Price 2H Chart

Bullish Potential Above 123.63

Today, price broke above the downtrend line emerging from the May 7 high; if price breaks below 123.10 it could swing lower towards 122.80. Support levels at 123.03, 122.92 and 122.84 are in focus.

On May 10, EUR/JPY bounced from 123.61, printing its highest level in three days, therefore if the price breaks above this high a bullish sentiment may push the price towards the vicinity of 124.26 -28. Other levels to consider 123.77, 123.87, and 124.09.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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