OctaFX | OctaFX Forex Broker
Open trading account

EUR/JPY Price Analysis: Euro under pressure near seven-day low vs. yen, sub-122.00 figure

  • EUR/JPY wedge pattern is putting EUR/JPY under pressure.
  • The level to beat for sellers is the 121.64 support.

EUR/JPY daily chart

The market is weakening from January’s tops trading below the 122.00 level while holding above the main daily simple moving averages (SMAs).  

EUR/JPY four-hour chart

The spot broke down from the rising wedge pattern while challenging the 121.64 support and the 200-period simple moving average (SMA) on the four-hour chart. As the market is under pressure the spot is set to keep declining towards the 121.13 levels, according to the Technical Confluences Indicator. Resistances are seen near 121.83, 122.21, 122.66 and 122.90 levels.

Additional key level


Canada: Core inflation running at its fastest pace in a decade in Q4 – NFB

Data released today showed that Canada’s consumer price index was flat in December and the annual rate remained at 2.2%. According to National Bank of
Read more Previous

USD/CAD jumps to 1.3140 as the loonie tumbles after BoC

The USD/CAD pair rose sharply from 1.3050 to 1.3139, reaching the highest level since December 26. As of writing, it trades at the top, holding the bu
Read more Next
Start livechat