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  • EUR/JPY Forecast – Euro At Risk of More Declines Vs Japanese Yen

    EUR/JPY Forecast – Euro At Risk of More Declines Vs Japanese Yen

    • – The Euro declined recently and broke the 129.40 support area against the Japanese Yen.
    • – There is a major bearish trend line formed with resistance at 129.00 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Monetary Base report for August 2018 was released by the Bank of Japan.
    • – The outcome was above the market forecast of 6.3% as there was a rise in the Monetary Base by 6.9% (YoY).

     

    Japan’s Monetary Base

    Today in Japan, the Monetary Base report for August 2018 was released by the Bank of Japan. The market was looking for a rise in the Monetary Base by around 6.3% in August 2018 compared with the same month a year ago.

     

    However, the actual result was above the market forecast of 6.3% as there was a rise in the Monetary Base by 6.9%. However, August’s reading was below the last increase of 7%.

     

    The EUR/JPY pair recently found support near the 128.50 level and it is currently correcting higher towards the 129.00 resistance.

     

    EUR/JPY Technical Analysis

    The Euro topped below the 131.00 level recently against the Japanese Yen. The EUR/JPY pair traded as high as 130.86 and later started a downside move. The pair declined, broke the 129.80 and 129.40 support levels, and finally settled below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair even broke the 128.80 support area and traded as low as 128.55. Later, the pair corrected higher and tested the 23.6% Fib retracement level of the last drop from the 130.86 high to 128.55 low. However, buyers struggled to clear the 129.00 resistance zone.

     

    More importantly, there is a major bearish trend line formed with resistance at 129.00 on the hourly chart of EUR/JPY. A break above the trend line resistance could open the doors for a larger correction towards the 129.80 resistance and the 50% Fib retracement level of the last drop from the 130.86 high to 128.55 low.

     

    On the other hand, if the pair fails to move above the 129.00 resistance, it could resume its decline. A break below the recent low of 128.55 may perhaps push the pair towards the 128.00 handle.

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  • EUR/JPY Forecast – Euro Facing Crucial Resistance Vs Japanese Yen

    EUR/JPY Forecast – Euro Facing Crucial Resistance Vs Japanese Yen

    • – The Euro declined recently and broke the 130.60 support area against the Japanese Yen.
    • – There is a crucial bearish trend line in place with resistance at 130.55 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for July 2018 (Prelim) was released.
    • – The outcome was below the market forecast of 53.2 as there was a decline in the PMI to 51.6 from 53.0.

     

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for July 2018 (Prelim) was released. The market was looking for a rise in the PMI from the last reading of 53.0 to 53.2.

     

    However, the actual result was below the market forecast of 53.2 as there was a decline in the PMI to 51.6 from 53.0. There was a notable decline in the Business confidence. The report added that:

     

    Japan Flash Manufacturing PMI falls to 20-month low of 51.6 in July, from 53.0 in June. Input and output price inflation both accelerate to multi-year highs.

     

    The EUR/JPY pair is currently consolidating near the 130.00 level and upsides remain capped by the 130.50 and 130.60 resistance levels.

     

    EUR/JPY Technical Analysis

    The Euro faced a strong resistance near the 131.90 level against the Japanese Yen. The EUR/JPY pair started a downside move, broke the 131.00 and 130.60 support levels, and settled below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair even broke the 130.00 handle and traded as low as 129.82. Later, the pair corrected higher and tested the 50% Fib retracement level of the last decline from the 131.04 high to 129.82 low. However, the recovery was capped and the pair dipped back towards 130.00.

     

    On the upside, there is a crucial bearish trend line in place with resistance at 130.55 on the hourly chart of EUR/JPY. The same trend line is near the 61.8% Fib retracement level of the last decline from the 131.04 high to 129.82 low.

     

    Therefore, if the pair corrects higher, it is likely to find sellers near the 130.55 and 130.60 levels. On the downside, a break below 130.00 and 129.85 could push the pair further lower towards the 129.50 and 129.20 support levels.

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  • EUR/JPY Forecast – Euro Could Surged Above 130.00 Vs Japanese Yen

    EUR/JPY Forecast – Euro Could Surged Above 130.00 Vs Japanese Yen

    • – The Euro is trading with a bullish bias and is placed nicely above the 129.50 support against the Japanese Yen.
    • – There is a crucial bullish pattern formed with support at 129.75 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Current Account report for May 2018 was released by the Ministry of Finance.
    • – The outcome was above the market forecast of ¥1,240B as there was a trade surplus of ¥1,938B.

     

    Japan’s Current Account

    Today in Japan, the Current Account report for May 2018 was released by the Ministry of Finance. The market was looking for a trade surplus of around ¥1,240B in May 2018 compared with the last reading of ¥1,845B.

     

    However, the actual result was above the market forecast of ¥1,240B as there was a trade surplus of ¥1,938B. It was also above the last reading of ¥1,845B. Moreover, the Bank lending figure for June 2018 (YoY) was, released by Bank of Japan. It posted an increase of 2.2%, more than the last 2.0%.

     

    The EUR/JPY pair is currently positioned in the bullish zone and it seems like it may continue to move higher above 130.00 and 130.15 in the near term.

     

    EUR/JPY Technical Analysis

    The Euro formed a decent support base above the 128.50 level against the Japanese Yen. The EUR/JPY pair started an upside move, traded above the 129.00 and 129.50 resistance levels, and settled above the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair is currently trading above the 76.4% Fib retracement level of the last decline from the 129.96 high to 129.60 low. It indicates that the pair may perhaps continue to move higher above the 129.96 high in the near term.

     

    The next stop could be the 1.236 Fib extension level of the last decline from the 129.96 high to 129.60 low at 130.04. Above this, the pair could even trade towards the 130.20 level and the 1.618 Fib extension level of the same decline.

     

    Moreover, there is a crucial bullish pattern formed with support at 129.75 on the hourly chart of EUR/JPY. Therefore, dips remain well supported above the 129.75 and 129.60 levels in the near term.

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  • EUR/JPY Forecast – Can Euro Hold This Support Vs Japanese Yen?

    EUR/JPY Forecast – Can Euro Hold This Support Vs Japanese Yen?

    • – The Euro failed to move above the 128.50 resistance and declined against the Japanese Yen.
    • – There is a major bearish trend line formed with resistance at 128.00 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Retail Trade report for May 2018 was released by the Ministry of Economy, Trade and Industry.
    • – The outcome was below the market forecast of +0.9% as there was a rise in the trade by 0.6% (YoY).

     

    Japan’s Retail Trade

    Today in Japan, the Retail Trade report for May 2018 was released by the Ministry of Economy, Trade and Industry. The market was looking for a rise of around 0.9% in the trade in May 2018, compared with the same month a year ago.

     

    However, the actual result was below the market forecast of +0.9% as there was a rise in the trade by 0.6%. Looking at the monthly change, there was a decline of 1.7%, which was a lot more than the last market forecast of -0.9%. It disappointing when compared to the last increase of 1.4%.

     

    The EUR/JPY pair is currently holding the 127.15 support, but it remains at a risk of a downside break as long as it is below 128.00.

     

    EUR/JPY Technical Analysis

    The Euro declined moved above the 128.50 resistance recently against the Japanese Yen, but it failed to hold gains. The EUR/JPY pair started a fresh downside wave and broke the 128.00, 127.50 support levels to settle below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded tested an important support area above 127.00 near 127.15. Buyers managed to protect more declines and the pair is currently recovering towards the 23.6% Fib retracement level of the last decline from the 128.83 high to 127.13 low.

     

    However, there are many resistances above the 127.50 level. There is also a major bearish trend line formed with resistance at 128.00 on the hourly chart of EUR/JPY. The same trend line at 128.00 is close to the 100 hourly simple moving average.

     

    Moreover, the 50% Fib retracement level of the last decline from the 128.83 high to 127.13 low is near 127.95 to protect gains. Therefore, if the pair fails to move above 127.80 and 128.00, it could decline further below 127.15 in the near term.

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  • EUR/JPY Forecast – Can Euro Recover Above 128.50 Vs Japanese Yen?

    EUR/JPY Forecast – Can Euro Recover Above 128.50 Vs Japanese Yen?

    • – The Euro remained in a downtrend and it recently traded close to the 127.00 level against the Japanese Yen.
    • – There is a major expanding triangle forming with current resistance at 128.30 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Corporate Service Price Index (CSPI) for April 2018 was released by the Bank of Japan.
    • – The outcome was above the market forecast of +0.6% as there was a rise in the CSPI by 0.9% (YoY).

     

    Japan’s Corporate Service Price Index

    Today in Japan, Corporate Service Price Index (CSPI) for April 2018 was released by the Bank of Japan. The market was looking for a rise of around 0.6% in the index in April 2018, compared with the same month a year ago.

     

    However, the actual result was above the market forecast of +0.6% as there was a rise in the CSPI by 0.9%. This was also above the increase of 0.5%. Moreover, the Services Producer Price Index excluding International transportation climbed around 0.8% from the previous year.

     

    The EUR/JPY pair is currently correcting higher, but it won’t be easy for buyers to break the 128.30 and 128.50 resistance levels.

     

    EUR/JPY Technical Analysis

    The Euro declined and remained in a major downtrend from the 131.40 resistance against the Japanese Yen. The EUR/JPY pair broke a few important support levels such as 131.00, 130.00 and 129.00 to settle below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded close to the 127.00 level and a low was formed at 127.14. Later, an upside correction was initiated and the pair moved above the 23.6% Fib retracement level of the last decline from the 131.34 high to 127.14 low.

     

    The pair is currently testing a major expanding triangle with current resistance at 128.30 on the hourly chart. A break above the triangle resistance, followed by a break above 128.50 is needed for more gains in the near term.

     

    The next hurdle above 128.50 is near the 50% Fib retracement level of the last decline from the 131.34 high to 127.14 low at 129.24. On the downside, supports are at 127.80 and 127.50.

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  • EUR/JPY Forecast – Euro Looks Set to Break 131.00 Vs Japanese Yen

    EUR/JPY Forecast – Euro Looks Set to Break 131.00 Vs Japanese Yen

    • – The Euro started a nice upside move and traded above the 130.00 level against the Japanese Yen.
    • – There is a key bullish trend line forming with support at 130.40 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Domestic Corporate Goods Price Index for April 2018 was released by the Bank of Japan.
    • – The outcome was around the market forecast as there was a rise in the Domestic Corporate Goods Price Index by 0.1% (MoM).

     

    Japan’s Domestic Corporate Goods Price Index

    Today in Japan, Domestic Corporate Goods Price Index for April 2018 was released by the Bank of Japan. The market was looking for a rise of around 0.1% in the index in April 2018, compared with the previous month.

     

    However, the actual result was around the market forecast as there was a rise in the Domestic Corporate Goods Price Index by 0.1%. Looking at the yearly change, there was a rise of 2% in the index, which was same as the forecast, but less than the last +2.1%.

     

    The EUR/JPY pair is currently moving higher and it seems like the pair may rise further above 131.00 in the near term.

     

    EUR/JPY Technical Analysis

    The Euro declined below 130.00 this past week against the Japanese Yen. The EUR/JPY pair traded as low as 129.20 before buyers appeared and protected more declines. The pair started an upside move and traded above the 129.50 and 130.00 resistance levels.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    It settled above the 130.00 level and the 100 hourly simple moving average. There was a minor downside correction once, but a key bullish trend line with current support at 130.40 on the hourly chart of EUR/JPY prevented declines.

     

    The pair is now trading higher and is currently above the last swing high at 130.75. It means it may test the 1.236 Fib extension level of the last correction from the 130.76 high to 129.99 low.

     

    The overall bias is very positive and it seems like the pair may rise further above 131.00. It could even test the 1.618 Fib extension level of the last correction from the 130.76 high to 129.99 low at 131.23. On the downside, supports are at 130.40 and the 100 hourly SMA.

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  • EUR/JPY Forecast – Euro Eyes Further Gains Vs Japanese Yen

    EUR/JPY Forecast – Euro Eyes Further Gains Vs Japanese Yen

    • – The Euro is positioned nicely in a bullish trend above 132.20 against the Japanese Yen.
    • – There is a major bullish trend line forming with support at 132.20 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Merchandise Trade Balance Total for March 2018 was released by the Ministry of Finance.
    • – The outcome was above the forecast of ¥498.3B as there was a trade surplus of ¥797.3B.

     

    Japan’s Merchandise Trade Balance

    Today in Japan, the Merchandise Trade Balance Total for March 2018 was released by the Ministry of Finance. The market was looking for a trade surplus of ¥498.3B in March 2018 compared with the last surplus of ¥3.4B.

     

    However, the actual result was above the forecast of ¥498.3B as there was a trade surplus of ¥797.3B. The last reading was revised down from ¥3.4B to ¥2.6B. Imports of goods and services in March 2018 declined by 0.6%, whereas the market was looking for a rise of 5.4%. Exports of goods and services in March 2018 rose by 2.1%, whereas the market was looking for a rise of 4.7%.

     

    The EUR/JPY pair is placed nicely above the 132.20-30 support area, and it looks set for more gains in the near term.

     

    EUR/JPY Technical Analysis

    The Euro followed a bullish path above the 132.00 level against the Japanese Yen. The EUR/JPY pair recently declined and tested the 132.10 level where it found support. The pair recovered, and moved back in the bullish zone above 132.20 and the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    On the downside, there is a major bullish trend line forming with support at 132.20 on the hourly chart of EUR/JPY. The trend line acted as a support, pushed the pair above a bearish trend line with resistance at 132.52 on the same chart.

     

    The pair traded as high as 132.80 recently and it seems like it may continue to rise towards the 133.00 and 133.20 resistance levels.

     

    If there is a downside correction, then the 23.6% Fib retracement level of the last wave from the 132.10 low to 132.80 high at 132.64 may act as a support. However, the most important supports are at 132.40 and 132.20.

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  • EUR/JPY Forecast – Euro Remains in Uptrend Vs Japanese Yen

    EUR/JPY Forecast – Euro Remains in Uptrend Vs Japanese Yen

    • – The Euro traded higher and settled above the 131.00 level recently against the Japanese Yen.
    • – There is a crucial connecting resistance trend line forming with barrier at 131.60 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Trade Balance report for Feb 2018 was released by the Customs Office.
    • – The outcome was above the forecast of ¥108.7B as there was a trade surplus of ¥188.7B.

     

    Japan’s Trade Balance

    Today in Japan, the Trade Balance report for Feb 2018 was released by the Customs Office. The market was looking for a trade surplus of ¥108.7B in Feb 2018 compared with the last deficit of ¥-666.6B.

     

    However, the actual result was above the forecast of ¥108.7B as there was a trade surplus of ¥188.7B. Looking at the current account in Feb 2018, there was a trade surplus of ¥2,076.0B, a bit less than the last ¥2,160.0B.

     

    The EUR/JPY pair remains in an uptrend above the 131.00 support and it may continue to move higher in the near term.

     

    EUR/JPY Technical Analysis

    The Euro started a solid upside wave from the 130.20 swing low against the Japanese Yen. The EUR/JPY pair moved higher and broke a few important hurdles near the 130.80 and 131.00 levels to settle above the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded as high as 131.31 before starting a downside correction. It declined and tested the 23.6% Fib retracement level of the last wave from the 130.22 low to 131.61 high. However, the decline was protected by the 131.05 and 131.00 levels.

     

    It seems like the pair remains well supported above the 131.00 handle. On the upside, there is a crucial connecting resistance trend line forming with barrier at 131.60 on the hourly chart of EUR/JPY. The pair has to break the 131.60 resistance and the trend line to gain upside momentum.

     

    On the downside, the 131.00 support holds a lot of importance. As long as the pair is above the 131.00 support, it could move higher sooner or later and break the 131.60 resistance in the near term. Above 131.60, the Euro might test the 132.00 level.

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  • EUR/JPY Forecast – Euro Could Decline Further Vs Japanese Yen

    EUR/JPY Forecast – Euro Could Decline Further Vs Japanese Yen

    • – The Euro declined recently and traded below the 131.00 support against the Japanese Yen.
    • – There is a major bearish trend line forming with resistance at 130.25 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for Feb 2018 was released.
    • – The outcome was above the forecast of 54.0 as there was a rise in the PMI from 54.0 to 54.1.

     

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for Feb 2018 was released. The market was looking for no change in the PMI from the last reading of 54.0 in Feb 2018.

     

    However, the actual result was above the forecast of 54.0 as there was a rise in the PMI from 54.0 to 54.1. Moreover, the Capital Spending report for Q4 2017 was released by the Ministry of Finance Japan. The market was looking for a rise of 3.1% in the Capital Spending, but the result was positive, as there was a rise of 4.3% in the Capital Spending in Q4 2017, which was also more than the last +4.2%.

     

    The EUR/JPY pair may correct a few pips higher in the short term, but it is likely to face sellers on the upside near 130.25 and 130.50.

     

    EUR/JPY Technical Analysis

    The Euro started a new downside wave from well above the 131.50 level against the Japanese Yen. The EUR/JPY pair traded lower and broke a couple of important support levels such as 131.20, 131.00 and 130.50.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair even traded below the 130.00 level and settled below the 100 hourly simple moving average. A low was formed at 129.84 from where the pair started an upside correction. It is back above the 130.00 level, but there are many resistances on the upside.

     

    First, there is a major bearish trend line forming with resistance at 130.25 on the hourly chart of EUR/JPY. The next resistance is near the 23.6% Fib retracement level of the last decline from the 132.18 high to 129.84 low.

     

    There can be a minor upside correction in EUR/JPY in the near term, but the pair is likely to face hurdles near the 130.25 and 130.50 levels.

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  • EUR/JPY Forecast – Euro In Downtrend Below 134.00 Vs Japanese Yen

    EUR/JPY Forecast – Euro In Downtrend Below 134.00 Vs Japanese Yen

    • – The Euro is following a downtrend and is currently trading below 134.00 against the Japanese Yen.
    • – There is a declining channel forming with resistance at 133.10 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Machinery New Orders report for Dec 2017 was released by the Cabinet Office.
    • – The outcome was below the forecast of +2.2% as there was a decline in order by 5% (YoY).

     

    Japan’s Machinery New Orders

    Today in Japan, the Machinery New Orders report for Dec 2017 was released by the Cabinet Office. The market was looking for a 2.2% rise in orders in Dec 2017 compared with the same month a year ago.

     

    However, the actual result was below the forecast of +2.2% as there was a decline in order by 5% (YoY). It was well below the last increase of 4.1%. Moreover, the monthly change posted a decline of 11.9%, whereas the market was looking for -2.3%. This was a lot worse compared with the last increase of 5.7%.

     

    The EUR/JPY pair may correct a few pips in the short term, but it remains in a downtrend below the 133.40 resistance.

     

    EUR/JPY Technical Analysis

    The Euro started a downside move from well above 134.50 and declined by more than 100 pips recently against the Japanese Yen. The EUR/JPY pair faced a lot of selling pressure and moved below the 134.00 and 133.80 support levels.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair is now trading below the 133.50 level and the 100 hourly simple moving average. It traded as low as 131.59 and recovered recently. However, the upside move was capped by 133.30 and the 100 hourly simple moving average.

     

    Moreover, there is a declining channel forming with resistance at 133.10 on the hourly chart. On the downside, an initial support is around the 50% Fib retracement level of the last wave from the 131.59 low to 133.38 high.

     

    There are chances of a couple of swing moves in EUR/JPY around 133.00 in the near term. Once there is a close above the 133.50 resistance and the 100 hourly SMA, the pair could gain upside momentum.

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