Trend Change Signals, Close Technical Analysis of the EUR/JPY Chart

thecekodok

 The price movement of the EUR/JPY currency pair chart is one of the highlights of this week's trading with a change in price direction.


The yen traded weaker mid-week as market sentiment began to recover on news of further reductions in Australia's coal import restrictions by China.


Clearing the market mood is a bad sign for safe-haven trades such as the Yen which usually gets demand when the market is at risk.


However, investors remain cautious as the Euro currency is also still trading uncertainly and will be affected by the US dollar when the United States (US) NFP report will shortly be published.


Initially at the beginning of the week, the price started to decline from the level of 140.00 until it reached the level of around 137.500.


The level is now the latest support level for the price during the decline last Tuesday and also recorded the lowest level in 4 months.


However, the pattern of price movements began to change on Wednesday when the price surge occurred again.


The price advance has crossed the 140.00 level and has reached the high level of 141.300 on Thursday yesterday, which was the previous price concentration zone.



The increase has also crossed the Moving Average 50 (MA50) barrier on the 1-hour price movement on the EUR/JPY chart, also signaling a change in the bullish trend again.


Still moving above the MA50 level, the price is expected to continue its further rise towards the resistance zone at 143.00.


The increase is higher if it continues and will lead to the 145.00 level and the focus will be on the 146.500 zone.


But be careful if the price returns to display a pattern of decline again and decline below the 140.00 zone and pass the MA50 level.


Re-triggering indicators for a downward movement in price will expect the 137,500 support zone to be tested again.