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EUR/JPY Technical Analysis - EUR/JPY Trading: 2024-08-20
EUR/JPY Technical Analysis Summary
Above 163.186
Buy Stop
Below 161.872
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Buy |
EUR/JPY Chart Analysis
EUR/JPY Technical Analysis
The EURJPY technical analysis of the price chart on 1-hour timeframe shows EURJPY: H1 is retracing up above the 200-period moving average MA(200) after hitting eight-day low yesteday. We believe the bullish movement will continue after the price breaches above 163.186. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 161.872. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - EUR/JPY
Japan’s core machinery orders growth resumed in June. Will the EURJPY price rebounding continue?
Japan’s core machinery orders growth resumed in June: the Cabinet Office reported core machinery orders rose 2.1% over month in June after 3.2% decline in previous month when an 0.9% increase was expected. This is bullish for yen and is a downside risk for EURJPY as rising Japanese machinery purchase orders signal that Japanese manufacturers will increase activity as they work to fill their orders. At the same time euro area trade surplus continued rising in June: Eurostat reported euro zone international trade in goods surplus rose to 12.5 billion euro in June from upwardly revised 0.2 billion in May, when an increase to 3.8 billion euro was expected. Rising euro are trade surplus is bullish for euro and EURJPY currency pair. The current setup is bullish for EURJPY.
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