EURJPY Rises As Bulls Gain Momentum

FXOpen

Euro (EUR) rose against the Japanese Yen (JPY) on Monday, increasing the price of EURJPY to more than 122.00 as bulls seem to gain momentum. The technical bias however remains bearish because of a Lower Low in the ongoing wave.

Technical Analysis

As of this writing, the pair is being traded near 122.15. A support may be noted near 121.68, the swing low of the last major downside move ahead of 121.00, the psychological number and then 119.11, a major horizontal support area.

EURJPY Rises As Bulls Gain Momentum

On the upside, the pair is likely to face a hurdle near 122.95, the intraday high of Friday ahead of 123.36, horizontal resistance area and then 126.46, the swing high of the last major upside rally as demonstrated in the above chart. The technical bias will remain bearish as long as the 126.46 resistance area is intact.

Eurozone Employment & Inflation

Preliminary data from Eurostat showed that the euro area economic growth accelerated more than expected in the first quarter.

Gross domestic product climbed 0.6 percent from prior quarter, following a 0.3 percent rise in the fourth quarter. Economists had forecast the growth rate to improve marginally to 0.4 percent.

Eurozone consumer prices dropped in April on falling energy prices and a slowdown in service costs, another data from the same agency showed.

The harmonized consumer price index fell 0.2 percent annually, after staying flat in March. Prices had declined 0.2 percent in February. Economists had forecast a 0.1 percent drop for April.

Trade Idea

Considering the overall technical and fundamental outlook, buying the pair around current levels could be a good strategy if we get a valid bullish reversal candle on the daily chart.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Shares

Coca-Cola Company (KO) Shares Trade Near All-Time High

Stock market charts indicate that from the start of last week’s trading through to its close:

→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than

Cryptocurrencies

BTC/USD Analysis: Bulls on the Offensive

In our previous analysis of Bitcoin’s price (14 April), we:

→ constructed a long-term ascending channel (marked with blue lines);

→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for

Commodities

Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem

Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.