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EUR/JPY - Forex Technical Analysis for the EURJPY on November 8

EUR/JPY, currency, EUR/JPY - Forex Technical Analysis for the EURJPY on November 8

On the daily chart, the bounce up from the support level of 144.30 was limited by the strong resistance at 147.35, a level that withstood repeated testing in October. The rise in the pair, however, forms the anticipated 144.30-147.35 range, as both of these boundaries have proven to be strong support and resistance. As part of the move in this range, a decline to the lower boundary at 144.30 seems more likely. If we consider the growth from 144.30 as an upward correction after the pair's exit from the ascending channel from the end of September, with the approach to the previously overcome trend line, the resumption of growth is also more probable.

EUR/JPY - Forex Technical Analysis for the EURJPY

On the four-hour chart the pair's decline started before testing the 147.35 level, this increases the probability of a return to the starting point of growth at 144.30, because if the support for growth was strong now, the 147.35 level would be tested. The formation of a small top is another bearish signal.

EUR/JPY - Forex Technical Analysis for the EURJPY on November 8
  • Resistance levels: 147.35
  • Support levels: 145,65; 144,30

Read more: Technical analysis on the forex market

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Technical analysis for EURUSD, GBPUSD, USDJPY and USDCHF on 21/12/2022
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Nov 25, 2022 Read
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Nov 23, 2022 Read
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Nov 21, 2022 Read
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Nov 17, 2022 Read
Forex Technical Analysis for EUR/JPY, AUD/USD, GBP/JPY & USD/CAD on November 16
AUD/USD, currency, USD/CAD, currency, EUR/JPY, currency, GBP/JPY, currency, Forex Technical Analysis for EUR/JPY, AUD/USD, GBP/JPY & USD/CAD on November 16 Technical analysis for the EUR/JPY currency pairOn the daily chart, there was a rebound to the resistance level of 145.65 (near the September high). The pair's recovery above the level of 144.30 makes the bearish picture less obvious, since 144.30 was the upper limit of the range from mid-October 144.30-147.35. The pair's recovery above this level can be considered as a return to the range from mid-October 144.30-147.35, in this case, a decline below 144.30 looks like a false breakdown down. As part of the movement in a narrower range, the growth is likely to continue at the upper limit at 147.35. In the broader perspective, the decline is likely to resume. The sequence of decreasing relative highs and lows is preserved.On the four-hour chart, the level of 144.30 is already a support. The last relative minimum was higher than the previous one, and the decline may have been stopped. The pair has been in the lower half of the range since the second half of October. If the resistance was overcome at 145.65, the next target would be the level of 147.35. According to directional movement indicators, the situation is approximately neutral: a slight excess of DM- over DM+, about when the MACD histogram is in the positive zone and the positive slope of the MACD line. The resistance at 145.65 is strong, and when approaching it, the pair slowed down. This does not support the assumption of a breakout of this level now.Resistance levels: 145.65; 147.35Support levels: 144.30; 142.70Technical analysis for the AUD/USD currency pairOn the daily chart, the pair continued to grow. It is important to consolidate above the "round" level of 0.6700 (at the lows of June and early September). There are no signs of weakening of the upward movement yet. The trend is strengthening, judging by directional movement indicators: the excess of DM+ over DM- is increasing, the MACD histogram is growing in a positive zone, the MACD line has a positive slope. The probability of a rollback now increases the achievement of the goal of the measured movement equal to the size of the head-shoulders model in late September - early November, it was about 300 points, which, with a neck line of 0.6500, corresponds to 0.6800. However, even if there is a correction, in general, continued growth is now preferable.On the four-hour chart, the pair may be approaching the beginning of a correction. Growth will slow down, as can be seen by the decrease in the slope of the chart. The formation of candles with upper shadows near the resistance at 0.6800 and candles close to doji rather indicates a weakening of support for growth. A bearish divergence of the pair's highs and the MACD histogram was formed. There were no significant corrections from 0.6400, and the movement of 400 points without correction is large for the pair. With a pullback, strong support may be at the nearest "round" level of 0.6700.Resistance level: 0.6800Support levels: 0.6760; 0.6700Technical analysis for the GBP/JPY currency pairOn the daily chart, the pair's upward rebound is limited by the resistance level of 165.75. So far, it seems more likely that the decline will continue: the sequence of declines in the relative highs and lows of the pair is not broken, a candle close to a "shooting star" on Tuesday and close (so far) to doji on Wednesday are not characteristic of a reversal. According to directional movement indicators, the trend is downward: DM is above DM+, although at a low ADX level, the MACD histogram is in the negative zone, the MACD line has a negative slope.On the four-hour chart, testing resistance at 165.75 seems to end with a pullback from this level. The pair is located near the short-term trend line (it can also be considered as the lower boundary of the triangle formed by this line and the level of 165.75). The exit of their triangle downwards corresponds to a broader downward trend and would make the level of 163.80 the nearest target (support on November 11-14).Resistance levels: 165.75; 167.60Support levels: 164.50; 163.80Technical analysis for the USD/CAD currency pairOn the daily chart, the decline continued after a sharp decline from 0.6500 (the lower limit of the range since the end of September). The growth stopped at the level of 1.3200, which is the target of the measured movement, based on the head-shoulders model from the end of September, where the breakthrough of 0.6500 was overcoming the neck line. Thus, the probability of an upward rebound increases here. Support at 1.3200 is also strengthened by the fact that the "round" level, and there were highs in late August and early September. A bullish divergence of the lows of the pair and the MACD histogram was formed. Nevertheless, in general, the continuation of the decline is preferable, since the trend is strong.    On the four-hour chart, after the decline, the pair stabilized above the "round" level of 1.3200. Now it is in the range of 1.3200-1.3300. According to ADX, the decline is a strong trend: the excess of DM- over DM+ is large at a high level of ADX. The probability of an upward rebound from 1.3200 increases the formation of a previously bullish divergence of the pair's lows and the MACD histogram. Further movement is likely to be in the direction of the pair's exit from the range of 1.32-1.33.Resistance levels: 1.3300; 1.3400Support levels: 1.3200; 1.3145
Nov 16, 2022 Read
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