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
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
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
More View more
Real Time News
  • 🇦🇺 AUD Private Sector Credit (YoY) (FEB), Actual: 2.6% Expected: 2.6% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2020-03-31
  • The $USD is on the defensive after the Fed activated open-ended QE to becalm panicky financial markets, but scope for renewed stress means losses may be limited. Get your market update from @IlyaSpivak here:https://t.co/dX4Y2akuLc https://t.co/U3KtMbl82W
  • (Asia AM) The Canadian Dollar sank with crude #oil prices as $USDCAD bounced towards trend-defining resistance. Health care securities drove gains on Wall Street. $AUDUSD eyes China PMI data - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/03/31/Canadian-Dollar-Sank-with-Crude-Oil-as-Health-Care-Steered-Wall-Street.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/sxVd5D6aiq
  • China reports 48 additional #coronavirus cases Monday and 1 death. All 48 of them were imported -BBG
  • Heads Up:🇦🇺 AUD Private Sector Credit (YoY) (FEB) due at 00:30 GMT (15min), Actual: N/A Expected: 2.6% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2020-03-31
  • 🚨Another poll⬇️ Was thinking about this question myself: When do you think markets will start caring about the 2020 US Presidential election? Clearly now the focus is on the #coronavirus🦠.
  • ANZ Business Confidence for New Zealand: -63.5. That's the weakest reading since 1988/89.
  • 🇯🇵 JPY Large Retailers' Sales (FEB), Actual: 0.2% Expected: -1.6% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2020-03-30
  • 🇯🇵 JPY Industrial Production (YoY) (FEB P), Actual: -4.7% Expected: -4.8% Previous: -2.3% https://www.dailyfx.com/economic-calendar#2020-03-30
  • 🇯🇵 JPY Retail Trade (YoY) (FEB), Actual: 1.7% Expected: -1.5% Previous: -0.4% https://www.dailyfx.com/economic-calendar#2020-03-30
GBP/JPY, EUR/JPY May Rally Further as Support Holds - JPY Price Outlook

GBP/JPY, EUR/JPY May Rally Further as Support Holds - JPY Price Outlook

2020-03-24 15:21:00
Mahmoud Alkudsi, Analyst
Share:

EUR /JPY & GBP/JPY Technical Forecast

Bears in Charge

On Wednesday, EUR/JPY tumbled to 116.90 then rallied after as bears seemed to cover. Yet, the weekly candlestick closed in the red with 1.0 % loss. On the other hand, GBP/JPY tumbled to 124.03-its lowest level in nearly three and half years. Later on, the price surged and settled above 129.00 handle, closing the weekly candlestick with 2.6% loss.

Alongside that, the Relative Strength Index (RSI) remained flat below 50 on EURJPY highlighting a weak downtrend move. The oscillator remained in oversold territory on GBPJPY emphasizing the bearish outlook of the market.

EUR/JPY Daily PRice CHART (Oct 30 , 2018 – Mar 24, 2020) Zoomed Out

EURJPY daily price chart 24-03-20 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 24, 2020) Zoomed in

EURJPY daily price chart 24-03-20 zoomed in

Looking at the daily chart, we noticed that on Friday EUR/JPY rallied then closed above the 50-day average providing a bullish signal. Today, the price has moved to the higher trading zone 119.63 – 121.48. Additionally, the pair tested the downtrend line originated from the Jan 15 high at 122.87.

A close above the low end of the zone could entice EURJPY to rally towards the high end of the zone. Further close above that levels may convince bulls to push towards 124.10. In that scenario, the weekly resistance levels underscored on the chart (zoomed in) should be watched closely.

In turn, any failure in closing above the low end of the zone may send EURJPY towards 116.45. Further close below that level could send the price even lower towards 113.22. Nevertheless, the weekly support levels printed on the chart should be monitored.

GBP/JPY Daily PRice CHART (Sep 20, 2018 – Mar 24, 2020) Zoomed Out

GBPJPY daily price chart 24-03-20 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 24, 2020) Zoomed In

GBPJPY daily price chart 24-03-20 zoomed in

From the daily chart, we noticed that in late February GBP/JPY started a downtrend move creating lower highs with lower lows. The price rebounded around 124.00 handle then rallied as bears seemed to ease up. Today, the pair has moved to higher trading zone 128.84 – 133.30.

Thus, any close above the low end of the zone could lead GBPJPY towards the high end of the zone. Further close above that level opens the door for the market to raise towards 137.83. Although, the weekly resistance level underlined on the chart (zoomed in) should be kept in focus.

On the flip-side, any failure in closing above the low end may encourage bears to press GBPJPY towards 125.50. Further close below that level could mean more bearishness towards 122.62. That said, the weekly support level marked on the chart should be considered.

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.