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Euro Price Forecast: EUR/JPY Stuck in a Trendless Move – Levels to Consider

Euro Price Forecast: EUR/JPY Stuck in a Trendless Move – Levels to Consider

Mahmoud Alkudsi, Analyst

EUR/JPY Price Outlook

  • EUR/JPY Charts and Analysis
  • EUR/JPY price action during the last week.

Have you checked our latest trading guides for Euro and US Dollar? Download for free Q3 Main Currencies and Commodities Forecasts

EUR/JPY– Trading in a Sideways Pattern

On July 2, EUR/JPY rebounded nearby the level highlighted on our previous update at 122.52 and continued trading in a sideways pattern.

Alongside, the Relative Strength Index (RSI) pointed lower crossing below 50 then remained flat around 45 negating any effective momentum from the buyers nor the sellers.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

EUR/JPY DAILY PRICE CHART (Jan 25, 2017 – JUl 8, 2019) Zoomed OUT

EUR/JPY Price Daily Chart 8-07-19. Zoomed out.

EUR/JPY DAILY PRICE CHART (Mar 7, 2019- JUL 8, 2019) Zoomed IN

EUR/JPY Price Daily Chart 8-07-19 Zoomed in

Looking at the daily chart we notice on last Monday EUR/JPY slipped to a lower trading zone 121.25 – 122.52 eying a test of the low end. Therefore, a break to the low end may pave the way to the price towards 119.78, nonetheless; the weekly support levels underlined on the chart would be worth monitoring.

On the other hand, a close above the high end of the aforementioned trading zone could cause a rally towards 124.40, however; the weekly resistance levels highlighted on the chart should be watched along the way.

Just getting started? See our Beginners’ Guide for FX traders

EUR/JPY Four-HOUR PRICE CHART (June 3, 2019 – JUL 8, 2019)

EUR/JPY price 4H Chart 8-07-19

Looking at the four-hour chart we notice on Friday EUR/JPY rebounded from 121.93. Thus, a break above this high may see the price even higher towards 122.52, although; 23.6% fib retracement at 122.15 should be kept in focus.

On the flip-side, we notice today EUR/JPY broke below the July 4 low at 121.53 eyeing 121.25, hence a break below this level could send the price towards the June 3 trough at 120.78, however; the June 21 low marked on the chart needs to be considered.

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.

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