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
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
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Canadian Dollar & Euro vs JPY: EUR/JPY & CAD/JPY Face Key Resistance

Canadian Dollar & Euro vs JPY: EUR/JPY & CAD/JPY Face Key Resistance

2019-12-12 14:30:00
Mahmoud Alkudsi, Market Analyst
Share:

EUR /JPY and CAD/JPY Technical Analysis

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

CAD/JPY, EURJPY – Price Action

On Dec 2, EUR/JPY printed 121.01 -its highest level in nearly four weeks. Later, the price declined and settled below 120.00 handle. On Friday, the pair closed the weekly candlestick with 0.4% loss. Similarly, CAD/JPY rallied last week to a multi-week high at 82.76. However, the price slipped after then closed the weekly candlestick in the red with a 0.6% loss.

This week the Relative Strength Index (RSI) crossed above 50 on both pairs, then remained flat after highlighting weak buyers and weaker sellers.

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

EUR/JPY Daily PRice CHART (Sep 2, 2017 – DEC 12, 2019) Zoomed Out

EUJPY daily price chart zoomed out 12-12-19

EUR/JPY Daily Price CHART (July 1 – DEC 12, 2019) Zoomed in

EURJPY daily price chart zoomed in 12-12-19

Looking at the daily chart, we notice since on Dec 6 EUR/JPY rebounded from the 50-day average providing a bullish signal. The pair have remained moving in the same trading zone 119.78 -121.19 since Nov 22.

Thus, the price could be on the way for a test of the high end of the zone. Further close above 121.25 may encourage more market’s participants to end current sideways move and push EURJPY towards 122.52. Although, this rally could weaken at the weekly resistance levels marked on the chart as some buyers could take profit at these points.

On the other hand, any failure in closing above the high end of the zone would reflect buyer’s hesitation. This could lead more buyers to exit the market and reverse the price’s direction towards the low end of the zone.

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

CAD/JPY Daily PRice CHART (FEB 20, 2018– DEC 12, 2019) Zoomed Out

CADJPY daily price chart zoomed out 12-12-19

CAD/JPY Daily PRice CHART (Sep 23 – DEC 12, 2019) Zoomed In

CADJPY daily price chart zoomed in 12-12-19

From the daily chart, we notice on Nov 21 CAD/JPY rebounded from 81.28 then started uptrend move creating higher highs with higher lows. Yesterday CAD/JPY rallied to a higher trading zone 82.31 – 82.72-76. Additionally, the pair closed above the 50-day average generating another bullish signal.

A close above 82.76 highlights more bullish market and opens the door for buyers to rally CADJPY towards 83.65. Nevertheless, the weekly resistance levels underlined on the chart (zoomed in) should be kept in focus.

On the other hand, a close below the low end of the zone could be on the back of buyer’s taking profit. This could lead CADJPY towards 81.64. Although, the weekly support levels underscored on the chart should be watched closely.

Join Me on Friday, DEC 6 at 14:00 GMT. In this session we will talk about most Basic concepts in technical analysis

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.

DISCLOSURES

News & Analysis at your fingertips.