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.



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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here:
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank.
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here:
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here:
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here:
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast 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:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:
EUR/JPY, GBP/JPY Bounce from Multi-Month High- EUR & GBP to Yen Price

EUR/JPY, GBP/JPY Bounce from Multi-Month High- EUR & GBP to Yen Price

2019-12-17 15:00:00
Mahmoud Alkudsi, Analyst

EUR /JPY and GBP/JPY Technical Forecast

EUR Forecast
EUR Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q4 Euro Forecast
Get My Guide

GBP/JPY, EURJPY – Buyers Pullback

On Friday, EUR/JPY rallied to its highest levels in over five months at 122.65. The pair declined after as buyers took profit then closed the weekly candlestick with 1.2% gain. Meanwhile, GBP/JPY rallied to 147.96 – its highest level in over nine months. However, the price slipped and settled below 147.00 handle. The price closed the weekly trading session with 2.2% gain.

The Relative Strength Index (RSI) pointed lower this week and crossed below 70 on GBPJPY indicating that uptrend move loses momentum. On the other hand, the oscillator remained flat above 50 reflecting a paused upward trend.

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

EUR/JPY Daily PRice CHART (Jan 2, 2018 – DE 17, 2019) Zoomed Out

EURJPY price daily chart 17-12-19 Zoomed out

EUR/JPY Daily Price CHART (June 15 – DEC 17, 2019) Zoomed in

EURJPY price daily chart 17-12-19 Zoomed in

Looking at the daily chart, we notice on Dec 12 EUR/JPY rushed to a higher trading zone 121.25 – 122.52. The price failed twice to move to the next higher zone as buyers took profit.

More buyers could exit the market leading EURJPY towards the low end of the zone. Further close below 121.19 could open the door for sellers to take charge and press towards 119.78. Although, special attention should be paid to the weekly support levels underlined on the chart as some sellers could exit the market at these points.

That said, a close above the high end of the zone could embolden more buyers to join the market and push towards 124.40. Yet, the weekly resistance levels underscored on the chart should be considered.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

GBP/JPY Daily PRice CHART (Aug 20, 2018– Dec 17, 2019) Zoomed Out

GBPJPY price daily chart 17-12-19 Zoomed out

GBP/JPY Daily PRice CHART (Sep 23 – Dce 17, 2019) Zoomed In

GBPJPY price daily chart 17-12-19 Zoomed in

From the daily chart, we notice on Friday GBP/JPY declined to a lower trading zone 143.71 – 146.94. Currently, the price eyes a test of the low end of the zone as buyers keep pulling back from the market.

A close below 143.25 could lead more buyers to exit the market. This could send GBPJPY towards 141.85. Further close below this level opens the door for sellers to lead the price towards 137.54. Nevertheless, the weekly support levels marked on the chart (zoomed in) should be kept in focus.

On the flip-side, a close above the high end of the zone could push the price to retest 147.95. Further close above this level could mean more bullishness towards 153.41. In that scenario, this rally could weaken at the weekly resistance levels marked on the chart as some buyers could take profit at these points.

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

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.