The euro is losing further ground against its Japanese counterpart as investors favor the yen as a safe haven asset during times of global uncertainty and as fears of a spreading euro-zone debt crisis persist.
Thread: Eur/Jpy
The euro is losing further ground against its Japanese counterpart as investors favor the yen as a safe haven asset during times of global uncertainty and as fears of a spreading euro-zone debt crisis persist.
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Mureedabbas (2019-03-14)
The spot rate is currently testing the lower limit of its medium term bearish channel in 109.50 suggesting a rebound. However a break of these levels would initiate a bearish trend more violent.
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Mureedabbas (2019-03-14)
Bears now looking to completely retrace the 11-29 Aug rise, risking back to 108.01. Below here opens the way for a re-test of the 10 Jan low at 106.83 in due course. Res is at 109.87/110.06. Above 110.44 stabilises.
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Mureedabbas (2019-03-14)
Look for a fresh medium-term higher low by 108.00 ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. Ultimately, only a break back below 108.00 concerns.
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Mureedabbas (2019-03-14)
EUR/JPY's break of 111.63 minor resistance confirms that choppy recovery from 108.01 has resumed. Intraday bias is back on the upside towards 114.17 resistance.
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Mureedabbas (2019-03-14)
Given the 3 wave structure from the low, I am leaning towards the bear side. Short term resistance comes in at 110.90
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Mureedabbas (2019-03-14)
Intraday bias in EUR/JPY remains mildly on the downside for 108.01 support. Break there will confirm resumption of the whole fall from 123.31 and should target 105.42/106.28 support zone
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Mureedabbas (2019-03-14)
the chart is showing that the pair has closed it's daily candle under the level of 110.00 , and that's mean that the down trend is still standing and the pair might reach 109.00 and then 108.70
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Mureedabbas (2019-03-14)
break of said support at 108.01 is needed to signal recent decline is still in progress as 2nd c leg of wave B for weakness to 107.50 but reckon support at 106.50 (this year’s low) should hold.
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Mureedabbas (2019-03-14)
a daily close below support at 109.03 is needed to confirm this view and bring a retest of said support at 108.01
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Mureedabbas (2019-03-14)
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