EUR/JPY Faces Downward Pressure: Support Looms Near 156.00
The EUR/JPY currency pair faces short-term bearish pressure, declining to lows near 157.00. Key support levels emerge at 156.00, 152.50, and 151.40, marked by various SMAs. Despite the immediate downturn, the longer-term trend remains bullish, supported by the 200-day SMA at 147.51. The situation provides both short-term and long-term trading opportunities, all illustrated in the daily technical chart.
TRADE IDEA DETAILS
CURRENCY PAIR: EUR/JPY
CURRENT TREND: Short-term bearish, long-term bullish
TRADE SIGNAL: Sell (Short-term) / Buy (Long-term)
Short-term (Sell) Trade:
👉ENTRY PRICE: 157.00 (Recent multi-day low)
✅TAKE PROFIT: 156.00 (55-day SMA) for a short-term trade, or 152.50 (100-day SMA) for a more extended trade
❌STOP LOSS: 158.00 (Just above the recent trading range)
Long-term (Buy) Trade:
👉ENTRY PRICE: 156.00 (55-day SMA)
✅TAKE PROFIT: 160.00 (Psychological resistance level)
❌STOP LOSS: 154.00 (Below the 100-day SMA)
ANALYSIS:
Short-term (Sell) Trade: The recent decline in EUR/JPY and a break below the 157.00 level offers a short-term selling opportunity. The 55-day SMA serves as a near-term target.
Long-term (Buy) Trade: The longer-term bullish trend and support at the 156.00 level (55-day SMA) provide an opportunity to buy, expecting a bounce and a return to the longer-term upward trend.
TRADE IDEA DETAILS
CURRENCY PAIR: EUR/JPY
CURRENT TREND: Short-term bearish, long-term bullish
TRADE SIGNAL: Sell (Short-term) / Buy (Long-term)
Short-term (Sell) Trade:
👉ENTRY PRICE: 157.00 (Recent multi-day low)
✅TAKE PROFIT: 156.00 (55-day SMA) for a short-term trade, or 152.50 (100-day SMA) for a more extended trade
❌STOP LOSS: 158.00 (Just above the recent trading range)
Long-term (Buy) Trade:
👉ENTRY PRICE: 156.00 (55-day SMA)
✅TAKE PROFIT: 160.00 (Psychological resistance level)
❌STOP LOSS: 154.00 (Below the 100-day SMA)
ANALYSIS:
Short-term (Sell) Trade: The recent decline in EUR/JPY and a break below the 157.00 level offers a short-term selling opportunity. The 55-day SMA serves as a near-term target.
Long-term (Buy) Trade: The longer-term bullish trend and support at the 156.00 level (55-day SMA) provide an opportunity to buy, expecting a bounce and a return to the longer-term upward trend.