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EUR/JPY Price Forecast: Bulls Retake Momentum

EUR/JPY Price Forecast: Bulls Retake Momentum

2020-05-27 14:00:00
Mahmoud Alkudsi, Analyst
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Euro vs Japanese Yen Technical Outlook

  • Bullish signals on EUR vs JPY price chart
  • Key levels and zones to keep an eye on

Bulls Ease up

On Thursday, EUR/JPY rallied to an over six-week high at 118.52 . The price retreated and settled below the 118.00 handle. Nevertheless, the weekly candlestick closed on Friday in the green with a 1.2% gain.

Alongside that, the Relative Strength Index (RSI) fell from 61 to 51 highlighting a slower bullish momentum.

EUR/JPY Daily PRICE CHART (JULY 1, 2018 – May 27, 2020) Zoomed Out

EURJPY daily price chart 27-05-20 zoomed out
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EUR/JPY Daily Price CHART (March 6 – May 27, 2020) Zoomed in

EURJPY daily price chart 27-05-20 zoomed in

Looking at the daily chart, yesterday EUR/JPY reversed higher and closed above the 50-day moving average and generated a bullish signal. Today, the price has broken above the downtrend line originated from the March 25 high at 121.15 then climbed to a higher trading zone 118.46 – 119.63.

A close above the low end of the aforementioned zone signals that bulls may push towards the high end of the zone. A further close above that level opens could extend this rally towards 121.48. Yet, the weekly resistance area and levels marked on the chart (zoomed in) should be monitored.

In turn, a close below the low end of the zone reflects a bull’s hesitation. That said, it would require more than one failure to conclude a weakening bullish sentiment and in that scenario, the pair may fall towards 116.45. A further close below that level could send EURJPY even lower towards 114.95. Nonetheless, the weekly support levels underlined on the chart should be watched closely.

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EUR/JPY Four Hour Price CHART (May 1 – May 27, 2020)

EURJPY four hour price chart 27-05-2020

Based on the analysis of the four-hour chart, last week EUR/JPY rallied above the downtrend line originated from the May 1 high at 117.76 then started a bullish momentum creating a set of higher highs with higher lows. This week, the price corrected its uptrend and carved out a lower high at 117.55.

A break below 117.50 would be considered a bearish signal and could send EURJPY towards 116.51. Although, the daily support level underscored on the chart should be considered. On the other hand, a break above 120.01 may trigger a rally towards 120.95. Yet, the weekly resistance level printed on the chart should be kept in focus.

Written By: Mahmoud Alkudsi, Market Analyst

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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