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
Bearish
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
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
USD/JPY
Bearish
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
Gold
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
Oil - US Crude
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
Bitcoin
Bullish
More View more
Real Time News
  • The #Euro has broken four-month support guiding a recovery against the US Dollar to suggest that the long-term downtrend has been re-engaged. Get your EUR/USD market update from @IlyaSpivak here: https://t.co/FHiGQZ6zvV https://t.co/0ulmLWaZxK
  • The US Dollar may be on the verge of upside breakouts against #ASEAN currencies such as the Singapore Dollar and Malaysian Ringgit after Wuhan virus fears boosted $USDSGD and $USDMYR #SGD #USD - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/29/Dollar-Technical-Outlook-May-Turn-Bullish-as-USDSGD-USDMYR-Rise.html?CHID=9&QPID=917702 https://t.co/1M1GTIo79r
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/e30wIlAkbF
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.45% Gold: -0.20% Silver: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SP0lbABAbq
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.13% 🇨🇦CAD: -0.05% 🇪🇺EUR: -0.06% 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.12% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3lgUbBP3XF
  • #EURGBP Outlook Bullish Ahead of #Brexit, BoE Rate Decision - https://www.dailyfx.com/forex/technical/home/analysis/eur-gbp/2020/01/29/EURGBP-Outlook-Bullish-Ahead-of-Brexit-BoE-Rate-Decision.html
  • My trading video for today: "Dow, Risk Attempt Recovery Amid Competing Theme: #Coronavirus, #Fed and #Earnings' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/29/Dow-Risk-Attempt-Recovery-Amid-Competing-Theme-Coronavirus-Fed-and-Earnings.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/VVmYBjVy63
  • #AUD has been fairly mute following AU CPI data aside vs #NZD. $AUDNZD tends to act as a "risk-neutral" pair (see article below), focusing on relative #RBA to #RBNZ shifts. #RBC and #JPMorgan pushed back on #RBA rate cut bets. RSI divergence hints bottom - https://www.dailyfx.com/forex/fundamental/article/special_report/2018/11/23/AUDNZD-Nets-Out-Market-Mood-Swings-Focus-On-RBA-RBNZ-Policy.html?CHID=9&QPID=917702 https://t.co/c30ePn9wEs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.46%, while traders in US 500 are at opposite extremes with 71.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CVurL5Fv0L
  • Silver prices suffered their biggest one-day decline since September 2019. Called it: "Silver and Gold Prices Ripe for Retreat Ahead #FOMC Outlook?" https://www.dailyfx.com/forex/market_alert/2020/01/28/Silver-and-Gold-Prices-Ripe-for-Retreat-Ahead-FOMC-Outlook.html https://t.co/25CpcxXtDj
GBP/JPY, EUR/JPY Breakout Levels -Euro & British Pound vs Yen Price Forecast

GBP/JPY, EUR/JPY Breakout Levels -Euro & British Pound vs Yen Price Forecast

2020-01-15 15:10:00
Mahmoud Alkudsi, Market Analyst
Share:

EUR /JPY and GBP/JPY Technical Outlook

GBP/JPY, EURJPY – Price Action

Last week, both Euro and British pound rallied against Japanese Yen. On Friday, EUR/JPY closed the weekly candlestick in the green with a 0.9% gain, meanwhile GBP/JPY closed with a 1.1% gain.

This week, the Relative Strength Index (RSI) remained flat above 50 on both pairs highlighting a paused uptrend momentum.

EUR Forecast
EUR Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q1 Euro Forecast
Get My Guide

EUR/JPY Daily PRice CHART (Jun 25, 2018 – JAn 15, 2020) Zoomed Out

EURJPY daily price chart 15-01-20 zoomed out

EUR/JPY Daily Price CHART (Sep 25 – JAn 15, 2020) Zoomed in

EURJPY daily price chart 15-01-20 zoomed in

Looking at the daily chart, we notice since Jan 3 sellers has shown signs of hesitation to lead the price. This opened the door for buyers to come back. On Jan 8, the pair closed above 50-Day average providing another bullish signal.

Yesterday, EUR/JPY rallied to 122.76- its highest level in over six months. However, the price declined after to a lower trading zone 121.48 – 122.40 as some buyers took profit.

A close above the high end of the zone could persuade buyers to push towards 123.06. Further close above this level opens the door for GBP/JPY to rally towards 123.86. Nevertheless, the weekly resistance levels underlined on the chart (zoomed in) should be considered.

On the flip-side, another close below the high end of the zone could convince more buyers to exit the market. This could send the price towards the low end. Further close below the low end might pave the way for sellers to take charge and lead the price towards 120.00 handle. Yet, the daily support levels marked on the chart should be watched along the way.

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 – JAn 15, 2020) Zoomed Out

GBPJPY daily price chart 15-01-20 zoomed out

GBP/JPY Daily PRice CHART (April 25 – JAn 15, 2020) Zoomed In

GBPJPY daily price chart 15-01-20 zoomed in

From the daily chart, we notice in Dec last year GBP/JPY rebounded twice from 50-Day average then rallied signaling seller’s failure to lead the price. On Jan 7, the pair rebounded nearby the high end of current trading zone 141.85 – 143.25. Since then, the price failed in multiple occasions in rallying to a higher trading zone reflecting buyer’s hesitation at this stage.

A close above the high end may end this hesitation and encourage buyers to push towards 146.94 contingent on clearing the weekly resistance levels underlined on the chart. Further close above 147.95 could cause more bullishness towards 153.41. Special attention should be paid at the weekly resistance levels as some traders may exit/join the market nearby these points.

That said, a close below the low end could open the door again for sellers to press towards 137.54. Although, the weekly support areas and level marked on the chart should be kept in focus.

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.

DISCLOSURES

News & Analysis at your fingertips.