EUR/JPY Technical Analysis: Rising odds for a test of 114.85 in the next weeks

13 Aug 2019

  • EUR/JPY continues to navigate the area of yearly lows in the mid-117.00s, always on the back of increasing demand for the safe haven JPY.
  • Looking at the broader picture, the negative stance on the cross is expected to remain unchanged while below the 121.17/35 band, where coincide the short-term resistance line and the 55-day SMA. Above this area the downside pressure should mitigate somewhat.
  • If the selling impetus picks up extra pace, the next relevant support aligns at 2017 low at 114.85.

EUR/JPY daily chart

 

Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.

Register a Demo Account

Test drive our trading platform with a 30 day free trial

Register a Live Account

Get started.Open a Forex and CFD trading account with AUSFOREX now

Deposit Funds

Express way for deposit funds

Live Chat

Chat live with one of our 7*24 hour multilingual customer service team