EURJPY Technical Outlook


The EUR/JPY pair closed below 135.00 levels on Friday. How does it trade currently? Get insight on the 29 January EURJPY Technical Outlook.

29 January, GKFX – The EUR/JPY pair closed below 135.00 levels on Friday, marking a downside break of the 100-pip trading range.

Key Quotes

  • EUR/JPY closed below 135.00 on Friday.
  • Doors open for drop to 134.00?

The cross has repeatedly failed to close above 136.00 levels since Jan. 15. Meanwhile, the downside was capped at 135.00 levels until bears finally pierced the psychological support on Friday.

So, as per the measured height method, the EUR/JPY cross could slide to 134.00 levels. Also, Kuroda’s upbeat comments on growth and inflation at Davos could be read by markets as an indication that the Bank of Japan (BOJ) is getting close to QE taper.

29 January EURJPY Technical Outlook

As of writing, the currency pair is trading at 134.98 levels. A break below Friday’s low of 134.54 would expose 134.07 (50-day MA) and 134.00 (psychological level + range breakdown target). On the higher side, breach of resistance at 135.50 (10-day MA) would expose 136.00 (psychological level) and 136.31 (Jan. 18 high).

Disclaimer

This article 29 January EURJPY Technical Outlook 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.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

    Share Your Opinion, Write a Comment