EURJPY Rises As Bulls Gain Momentum

FXOpen

Euro (EUR) rose against the Japanese Yen (JPY) on Monday, increasing the price of EURJPY to more than 122.00 as bulls seem to gain momentum. The technical bias however remains bearish because of a Lower Low in the ongoing wave.

Technical Analysis

As of this writing, the pair is being traded near 122.15. A support may be noted near 121.68, the swing low of the last major downside move ahead of 121.00, the psychological number and then 119.11, a major horizontal support area.

EURJPY Rises As Bulls Gain Momentum

On the upside, the pair is likely to face a hurdle near 122.95, the intraday high of Friday ahead of 123.36, horizontal resistance area and then 126.46, the swing high of the last major upside rally as demonstrated in the above chart. The technical bias will remain bearish as long as the 126.46 resistance area is intact.

Eurozone Employment & Inflation

Preliminary data from Eurostat showed that the euro area economic growth accelerated more than expected in the first quarter.

Gross domestic product climbed 0.6 percent from prior quarter, following a 0.3 percent rise in the fourth quarter. Economists had forecast the growth rate to improve marginally to 0.4 percent.

Eurozone consumer prices dropped in April on falling energy prices and a slowdown in service costs, another data from the same agency showed.

The harmonized consumer price index fell 0.2 percent annually, after staying flat in March. Prices had declined 0.2 percent in February. Economists had forecast a 0.1 percent drop for April.

Trade Idea

Considering the overall technical and fundamental outlook, buying the pair around current levels could be a good strategy if we get a valid bullish reversal candle on the daily chart.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.