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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
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EUR /JPY and GBP/JPY Technical Forecast

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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.

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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.

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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.

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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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