EUR/JPY Forecast | Technical Analysis for January 6, 2017
EUR/JPY Technical Overview
Yesterday Close 122.33
Today Open 122.33
Day’s Range 122.02 – 123.12
52 wk Range 109.47 – 132.30
1-Year Return – 4.05%
EUR/JPY Support and Resistance Forecast
EURJPY Forecast: The pair possibly will find the immediate support at 122.00. If, market breaks the first support then it will go for the following support to test. Following supports are 121.71 and 121.23.
On the other side the market has immediate resistance 122.96. If, market breaks the primary resistance level then, market will go for the new resistance level 123.25 and 123.73.
EUR/JPY Fundamental Analysis
The EUR/JPY pair fell during the session on Thursday, as we continue to consolidate. This is a market that has an upward bias, but needs to pick up a little bit of momentum to continue going higher. On pullbacks, I believe that buyers will return, especially with supportive candles. The market should then reach towards the 125 handle, which will be resistive. Currently, I believe that the 120-level underneath is support. I’m not a big fan of the Euro, but recognize that the Japanese yen is being sold off against almost everything.
Along with eurjpy forecast it is important to keep eye on economic.
Following Economic Events will be released today
1. 9:00am EUR German Factory Orders m/m
a. EUR German Retail Sales m/m
2. 9:45am EUR French Trade Balance
3. 12:00pm EUR Retail Sales m/m