Select Language

EUR/JPY Price Prediction: Continues to pullback to trendline for Sept-Oct rally

Breaking news

EUR/JPY Price Prediction: Continues to pullback to trendline for Sept-Oct rally

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.06 23:20
EUR/JPY Price Prediction: Continues to pullback to trendline for Sept-Oct rally

update 2024.11.06 23:20

  • EUR/JPY pulls back to the trendline for the recent rally from the September lows. 
  • If it breaks higher it could kick-off an extension to a target in the 169s, MACD is bearish, however.

EUR/JPY continues its pullback to the trendline (dashed line on chart) for the September-October rally. 

The pair is in a short and medium-term uptrend which given the technical analysis maxim that "the trend is your friend" is favored to continue higher. 

EUR/JPY Daily Chart 

A break above 166.69 (October 31 high) would probably confirm such a continuation higher. 

Resistance at 167.96 (July 30 swing high) could provide an initial target and act as a barrier to further upside. 

The minimum target for the breakout from the range, however, lies higher, at 169.68, the 61.8% Fibonacci extrapolation of the height of the range to the upside (orange-shaded rectangle). 

The Moving Average Convergence Divergence (MACD) is threatening to cross below its signal line, however - a mildly bearish sign which could indicate further near-term weakness for the pair. 

There is also an open gap just below price which is only visible on the intraday charts at 164.90. Gaps have a habit of getting filled. If so, further weakness may be on the horizon, with price falling to the bottom of the open gap at 164.45. 

 


Date

Created

 : 2024.11.06

Update

Last updated

 : 2024.11.06

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

EUR/GBP Price Analysis: Bears make a stride, cross in lows in over a week

Wednesday's EUR/GBP market has been dominated by significant losses, extending a bearish trend that has lasted the past seven trading sessions.
New
update2024.11.07 00:54

GBP/USD Price Forecast: Sinks below 1.2900 amid concerns over Trump's policies

The Pound Sterling plunged over 1.20% against the US Dollar on Wednesday after former US President Donald Trump won the 2024 Presidential election.
New
update2024.11.07 00:41

Trading the BoE - TDS

TDS expects the MPC to cut Bank Rate by 25bps with a 7-2 majority, and leave guidance relatively unchanged, implying a cautious approach to further cuts.
New
update2024.11.07 00:02

EUR/JPY Price Prediction: Continues to pullback to trendline for Sept-Oct rally

EUR/JPY continues its pullback to the trendline (dashed line on chart) for the September-October rally.
New
update2024.11.06 23:19

Silver Price Forecast: XAG/USD nosedives to near $31.00 on Trump's victory, Fed policy in focus

Silver price (XAG/USD) faces a bloodbath on a landslide victory of Republican candidate Donald Trump, is down almost 5% and falls below $31.00 in Wednesday's North American session.
New
update2024.11.06 23:10

GBP/CAD Price Prediction: Price flirts with lower boundary line of Rising Wedge pattern

GBP/CAD falls to the lower boundary line of a Rising Wedge pattern and the level of the (red) 50-day Simple Moving Average (SMA) at about 1.7826.
New
update2024.11.06 22:58

USD: A Republican clean sweep to fuel dollar strength, higher yields - MUFG

Former President Donald Trump is on his way to the White House again with remaining votes in Pennsylvania not enough to lead to Harris taking a state that is looking essential for a road to the White House for the Democrats.
New
update2024.11.06 22:47

Crude Oil dips as Trump secures win in presidential election

Crude Oil slides lower and drops nearly 3% on Wednesday following the US presidential election outcome, which fell in favor of former President Donald Trump. One of Trump's promises in the campaign running up to the election was to support and
New
update2024.11.06 22:46

What Trump's election means for Europe and the Netherlands - ABN AMRO

The clear victory for president Trump overnight poses significant downside risks to the growth outlook for the eurozone - and especially that of export-orientated Germany and the Netherlands, ABN AMRO's economists note.
New
update2024.11.06 22:24

EUR/GBP Price Forecast: Falls back down to floor of range

EUR/GBP declines all the way back down to the base of its six-week range (red dashed line on chart) at roughly 0.8311; it is likely to encounter firm support at the level.
New
update2024.11.06 22:20

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel