USD/JPY: upside is limited
On the H1, USD/JPY is recovering after the selloff that took place during the previous three days.
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.
Elizabeth Belugina
Similar
USD/CAD is capable of more
USD/CAD made big moves during the Bank of Canada’s meeting yesterday. Still, the rally may not be over yet.
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
Coronavirus and markets: where the connection is
This time, the coronavirus has affected not only China but the whole market sentiment. Let’s figure out why this has happened.
USD/JPY: upside is limited
On the H1, USD/JPY is recovering after the selloff that took place during the previous three days.
EUR/USD reminded about a slingshot strategy
The slingshot strategy is a good way to trade EUR/USD on the ECB meetings. Learn more!
Choose your payment system
