EURJPY: Thoughts and Analysis

2023年9月11日

Today's focus: EURJPY

Pattern – Range support test post LH trend break.
Support – 157.05 – 155.85
Resistance – 158.40 – 159.40 (area)

Thanks for checking out today’s update. Today, we have run over the EURJPY, breaking down the overall price picture and levels we are watching.

The JPY has started the week on a strong note with solid gains so far to the EUR, GBP and USD. The GBPJPY is also showing similar signs to the EURJPY, but we zoned in as there have been a few price signals in a row that could be backing up a new move by sellers.

Sellers continue to test the range bottom after breaking the fast trend and setting up a new lower high around 158.40 resistance. From here, if sellers are going to try a new run, we would like to see a decent to strong close lower that beats the range and 157.05 support base. Then, we will look for a new move lower that could test 155.85 or below.

If price can fight back and close back above 157.05, this could be a sign that seller strength might not be that strong.

Have a great day and good trading.