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EUR/JPY Gains Traction Amid Weakened Japanese Yen

Elena by Elena
20/05/2024
in BOJ, News
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During the early European trading hours on Monday, the EUR/JPY cross has gained momentum, hovering near 169.50. The Japanese Yen (JPY) has weakened following the release of weaker-than-expected Japan GDP growth figures for Q1, challenging the Bank of Japan‘s (BoJ) efforts to steer interest rates away from near-zero levels.

Maintaining its bullish momentum, EUR/JPY remains above the 100-period Exponential Moving Averages (EMA) on the four-hour chart. The prevailing sentiment suggests an upward trajectory, with the Relative Strength Index (RSI) positioned in bullish territory around 64.50.

As the cross advances, the first resistance barrier for EUR/JPY is anticipated near the upper boundary of the Bollinger Band at 169.82. Subsequently, attention shifts to the psychological round mark of 170.00, followed by a potential challenge at the all-time high of 171.60, en route to the 172.00 level.

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Conversely, initial support for EUR/JPY is identified at the May 17 low of 168.78. Further downside protection is provided by the lower limit of the Bollinger Band at 167.79, followed by the 100-period EMA at 167.50, and the May 16 low at 167.33. A breach of these levels could trigger a descent towards the April 29 low of 165.66.

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In summary, the EUR/JPY cross is currently driven by the weakened Japanese Yen in response to disappointing GDP data, with technical indicators suggesting a continued bullish bias. Traders are advised to monitor key support and resistance levels for potential trading opportunities.

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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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