The EURJPY currency pair on the Daily Chart has been in an uptrend since 22 June 2020 when it registered the low price at 119.302, followed by a series of higher tops and higher bottoms. On 13 August 2020, the EURJPY currency pair recorded the high price of 126.233.
Technical Analysis
When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the EURJPY currency pair’s upward direction.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.
Additionally, the Relative Strength Index (RSI) Oscillator registers values above the fifty line which indicates positive sentiment. All three technical indicators are in agreement with regards to the upward bias of the pair.
Fibonacci
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at 126.370 (161.8%).
- The second price target is seen at 127.646 (261.8%).
- The third price target is projected at 129.710 (423.6%).
The EURJPY currency pair is currently trading above the uptrend line. The presence of the Bullish Engulfing pattern hints at a potential rally to the upside. Its current price is 1.07 % above the last week’s close after a sharp rise in price during a period of heavy buying.
Of course, supply and demand as well as the crowd sentiment will determine the future course of EURJPY currency pair.
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