EURJPY pair is up on thin Chinese holiday markets. The latest 19 February EURJPY Technical Forecast shows that the pair is still trading near the bottom in bearish action. More details are revealed in this forecast. Dig in!
19 February, GKFX – EUR/JPY is lifting in Tokyo trading, testing the waters around the 132.00 handle in quiet markets, with Chinese banks off for the first half of the week to celebrate Chinese New Year.
The Yen softened briefly in early Asia trading following disappointment in Japanese trade balance data, and as FXStreet’s own Omkar Godbole noted in a GBP/JPY piece,
“Japan reported trade deficit of ￥(JPY) 943.4 billion in January as imports rose 7.9 percent year-on-year and exports jumped 12.2 percent. Meanwhile, the Tankan index showed confidence among Japanese manufacturers worsened… Both data sets have not had any significant impact on the JPY pairs”.
The price movements following trade figures are relatively small and unlikely to make a dent in overall market sentiment heading through the week.
19 February EURJPY Technical Forecast
The pair has declined for two straight weeks, and the long-term bull run is being deeply threatened as the price has dropped below the 34 EMA, and inches closer to the 200-day SMA, now sitting at 130.93. Bearish moves will be challenged by support at Friday’s low of 131.81, and 131.60 further down, while a bullish correction will have to contend with resistance at 132.38, 132.53, and 132.95 before the pair can carry higher.
This article 19 February EURJPY Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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