EUR/JPY technical analysis: 100-day EMA, 120.00/05 raise doubts on bullish MACD

EUR/JPY stays below 100-day EMA and key horizontal resistance while taking rounds to 119.52 during the early Asian session on Tuesday.  |  14/10/2019 23:33
  • EUR/JPY struggles to rise past monthly tops despite bullish MACD.
  • 50-day EMA, 23.6% Fibonacci retracement acts as nearby key support.

EUR/JPY stays below 100-day EMA and key horizontal resistance while taking rounds to 119.52 during the early Asian session on Tuesday.

The pair fails to justify the bullish signal by the 12-bar Moving Average Convergence and Divergence (MACD) indicator, which in turn increases the odds of a pullback to 118.70/65 support-zone including 50-day Exponential Moving Average (EMA) and 23.6% Fibonacci Retracement of March-September declines.

In a case prices keep sliding past-118.65, a six-week-old rising trend line at 117.30 seems crucial for sellers to watch.

On the upside, a 100-day EMA level of 119.85 acts as immediate resistance for the pair ahead of highlighting 120.00/05 horizontal barrier including September month top and late-July low.

Should there be increased rise beyond 120.05, 121.00 will flash on the bulls’ radar to target.

EUR/JPY daily chart

Trend: pullback expected

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com