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
Oil - US Crude
Mixed
Wall Street
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.31% 🇨🇦CAD: -0.43% 🇪🇺EUR: -0.48% 🇳🇿NZD: -1.00% 🇬🇧GBP: -1.03% 🇦🇺AUD: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ST3oKR8Kyt
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.81% Gold: 0.37% Silver: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tCzfLiJU9V
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.35%, while traders in US 500 are at opposite extremes with 67.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gifjQE3Pk8
  • Germany affirmed 'AAA/A-1+', outlook stable by S&P - BBG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.09% US 500: -0.02% Wall Street: -0.02% France 40: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7j8XbhvJFw
  • Trump: - Energy Secretary should look for other places to store oil - BBG
  • $GBPUSD finds resistance after crossing back below 1.2300 this morning https://t.co/QukmSLfko3
  • My portfolio is now up %600 https://t.co/Tb4Hz3zAyS
  • Canadian Dollar Price Outlook: USD/CAD Coils After Loonie Breakdown https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/04/03/Canadian-Dollar-Price-Outlook-USD-CAD-Coils-Loonie-Digests-JS-US-to-Canadian-Dollar-Forecast.html https://t.co/4Yix4ZEXeH
  • President Trump says he is looking at infrastructure package, "will do it soon" Surely a key theme to watch in the week ahead for $SPX
GBP/JPY, EUR/JPY Levels & Signals to Monitor - JPY Price Forecast

GBP/JPY, EUR/JPY Levels & Signals to Monitor - JPY Price Forecast

2020-03-17 15:30:00
Mahmoud Alkudsi, Analyst
Share:

EUR /JPY & GBP/JPY Technical Analysis

  • Bearish signals on EUR/JPY & GBP/JPY charts
  • Levels and thresholds to consider

Stronger Yen Across the Board

Last week, EUR/JPY declined to 116.12 – its lowest level in nearly six months. However, the price rallied after and closed the weekly candlestick in the green with 0.8% gain. On the other hand, GBP/JPY declined to 131.23 -its lowest level in five months and closed the weekly candlestick in the red with 3.5% loss.

The Relative Strength Index (RSI) remained below 50 on EURJPY & below 70 on GBPJPY highlighting that bears were in charge.

EUR/JPY Daily PRice CHART (NOV 21, 2018 – Mar 17, 2020) Zoomed Out

EURJPY daily price chart 17-03-20 zoomed out
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

EUR/JPY Daily Price CHART (Jan 12 – Mar 17, 2020) Zoomed in

EURJPY daily price chart 17-03-20 zoomed in

Looking at the daily chart, we noticed that on Friday EUR/JPY failed to overtake the 50-day average providing a bearish signal. Additionally, the price remained below the downtrend line originated from the Jan 16 high at 122.89. Later on, the price moved to current trading zone 118.24 – 119.63.

Thus, a close below the low end could send EURJPY towards 116.45. Further close below this level may embolden bears to press towards 114.74. Although, the weekly support levels underlined on the chart (zooned in) should be considered.

On the other hand, any close above the high end of the zone could lead EURJPY towards 121.48. Nevertheless, the daily and weekly resistance levels underscored on the chart should be kept in focus.

GBP/JPY Daily PRice CHART (SEP 20, 2018 – Mar 17, 2020) Zoomed Out

GBPJPY daily price chart 17-03-20 zoomed out
EUR Forecast
EUR Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q1 Euro Forecast
Get My Guide

GBP/JPY Daily PRice CHART (JAN 12 – Mar 17, 2020) Zoomed In

GBP/JPY, EUR/JPY Levels & Signals to Monitor - JPY Price Forecast

From the daily chart, we noticed that last week GBP/JPY resumed bearish opened with a downside gap then resumed bearish price action. Yesterday, the market tested the high end of current trading zone 132.04 – 129.90. However, the price declined after.

Hence, a close below the low end of the zone may send GBPJPY towards 127.34. Further close below this level could mean more bearishness toward 125.50. That said, the weekly support levels marked on the chart should be watched closely.

On the flip -side, any close above the high end of the zone might cause a rally towards 133.31. Further close above this level could extend this rally towards 135.59. Although the daily resistance levels printed on the chart would be worth monitoring.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

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.