Bullish EMA Crossover in EUR/JPY – Is It Time To Go Long?

It was a nice call on EUR/JPY, as our forex trading signal closed at 127.7 and that's exactly the level where Japanese cross took a U-turn.

U.S. Inflation Report Awaited

It was a nice call on EUR/JPY, as our forex trading signal closed at 127.7 and that’s exactly the level where Japanese cross took a U-turn. Thanks to European CPI flash estimate. Well, I’m not done yet. We may have another position in EUR/JPY during the U.S. session today. So, better be ready…

EUR/JPY – Fundamental Review

The European CPI flash estimate figure rose to 1.9% upbeating the analyst forecast of 1.6% and the previous inflation figure of 1.2%. I think it’s strong enough to encourage investors to hold their long-term positions in the single currency Euro. In fact, economic events like this are needed to get us nice retracement on the EUR/USD weekly chart, especially above $1.1500.

EUR/JPY – EMA Bullish Crossover

On the 2 hour chart, the EUR/JPY has a bullish crossover on 50-period EMA and the same level (127) is now extending a significant support to the Japanese cross.

EUR/JPY - 2 Hour Chat

EUR/JPY – 2 Hour Chat

The RSI and Stochastics are in the overbought zone on the 2-hour timeframe, but we still have enough room for buying them in bigger timeframes like daily and weekly. Here’s a quick summary of support and resistance levels.

Support    Resistance

125.52         127.34
124.96        127.9
124.05        128.81

Key Trading Level: 126.43

EUR/JPY – Potential Forex Trading Signal

I will be looking for another buying trade above 127 with a stop loss below 126.600 and take profit above 127.700. All the best!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers