Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

EUR/JPY is preparing to move

EUR/JPY is preparing to move

Information is not investment advice

EUR/JPY has been moving up since the start of September. At the beginning of October, it formed a higher low. The pair is currently consolidating between 61.8% Fibo of the July-September decline at 120.45 and the 78.6% Fibo level at 121.75. All in all, EUR/JPY is at the upper edge of its channel. It looks like there’s a need for correction to the downside. The decline below 120.40 will open the way down to the support at 119.80 (100-day MA).

On the upside, the next obstacle above 121.75 is at 122.20 (200-day MA). So far, the price action in line with the bearish harmonic “Bat” pattern: that means that the pair may get to test levels around 122.20/50, but then turn lower. As a result, it may be possible to pursue higher levels on positive news from the euro area, though one will have to be careful with that. 

EURJPY.png

Similar

Levels to trade EUR/USD

The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

Popular

Choose your payment system

Learn more