Weekly Technical Outlook: EUR/JPY ; Market Forecasts for July 20th – July 24th

 

  • Stop loss  136.63
  • Entry level   135.03
  • First Target at 133.15
  • Next targets to test at 132.37, 131.71
Weekly Technical Outlook: EUR/JPY ; Market Forecasts for July 20th – July 24th
Weekly Technical Outlook: EUR/JPY ; Market Forecasts for July 20th – July 24th

eurjpy 2

Technical Analysis

 

eurjpy 3

EUR/JPY rises to as high as 135. So far it is seen finding strong resistance limit to the upside on the ranging market mid-way and has been rejected on the daily chart with a pin bar rejection where support holding pair breaks levels with bearish pattern.

The pair can see some correction to the downside. However a retest at 135.03 will confirm the reversal to the downside, a break of which should be target at 133.15. Once it passes the level to test at 132.37 and later at 131.71 levels, we’d expect more range trading between 135 – 133 areas but recent break of support with pin bar and price action suggest pair to make new lows.

On the upside a break of 136.63 will dampen our view of downside. Outlook Intraday remains bearish for the week on the pair.

Economic

  •     PPI, Consumer confidence Index,
  •     Unemployment data, Exports and Imports Data for Euro
  •     Monetary Policy Meeting Minutes.
  •     Leading along with Lagging Index,
  •     Japan Bonds, Stocks with Nomura/JMMA Manufacturing PMI

 

Area of Interest

  • Support level at 135 broken with pin bar.
  •     Bearish pattern once the support levels broken are stronger and look for new lows.
  •     Pair finding resistance on trend line and price action holding the levels.
  •     Key area to target to the downside shall be at 131.83 also the fib level of 61.8%.

 

For more detailed analysis from the author, please visit NoaFX.

Leave a Reply

Your email address will not be published. Required fields are marked *