{"id":17462,"date":"2011-01-03T07:45:04","date_gmt":"2011-01-03T12:45:04","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17462"},"modified":"2011-01-03T07:45:04","modified_gmt":"2011-01-03T12:45:04","slug":"eurjpy-in-the-midst-of-a-bearish-trend-eyes-106","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/03\/eurjpy-in-the-midst-of-a-bearish-trend-eyes-106\/","title":{"rendered":"EUR\/JPY In the Midst of a Bearish Trend \u2013 Eyes 106"},"content":{"rendered":"<p><strong>By Yan Petters<\/strong><\/p>\n<p>The  EUR\/JPY pair saw unusual bearishness over the past five weeks. The pair  dropped about 850 pips during this period of time, despite a 450 pips  correction in the middle. Currently, a technical analysis of the daily  chart suggests that further bearishness might be expected, with  potential to take the pair as low as the 106.00 level.<\/p>\n<p>\u2022 The chart below is the EUR\/JPY daily chart by ForexYard.<br \/>\n\u2022 The pair has recently fell towards the 107.55 level, marking a 3-month low.<br \/>\n\u2022 For the past week, the pair has been trading within a restricted range, between the 107.50 and the 109.00 levels.<br \/>\n\u2022 However, a bearish cross of the Slow <a href=\"http:\/\/www.forexyard.com\/en\/stochastic\">Stochastic<\/a> is now indicating that another bearish move might be impending.<br \/>\n\u2022 The <a href=\"http:\/\/www.forexyard.com\/en\/moving-average-convergence-divergence-macd\">MACD<\/a> continues to point down, indicating that the bearish trend has more steam in it.<br \/>\n\u2022 The <a href=\"http:\/\/www.forexyard.com\/en\/relative-strength-index-rsi\">RSI<\/a> continues to float below the 30-line within the over-sold section. This  also indicates that the bearish move might not be over yet.<br \/>\n\u2022 The pair is currently trading near the 107.95 level and is likely to test the 107.50 <a href=\"http:\/\/www.forexyard.com\/en\/price-support-levels\">support level<\/a> later on today.<br \/>\n\u2022 If the pair will manage to fall below the 107.50 level, its next  significant support level is only placed at the 106.70 level. The next  stop after 106.70 looks to be at the 106.00 level, yet this is more  likely to take place within a day or two.<br \/>\n\u2022 If the pair will fail to breach through the 107.50 level, its next <a href=\"http:\/\/www.forexyard.com\/en\/price-resistance-levels\">resistance levels<\/a> are located at the 108.30, 109.00 and 110.00 levels.<\/p>\n<p><strong>EUR\/JPY \u2013 Daily Chart<\/strong><\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/01\/EUR-JPY.bmp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/01\/EUR-JPY.bmp\" alt=\"\" width=\"590\" height=\"673\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><br \/>\n<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                                                                                                  may           not          be                                       suitable                 for                 all                                                            investors.                                  There                     is        a                                                                                                     possibility                                      that                                                 you                                could                                            sustain  a                    loss                            of           all                      of                          your                                                                                            investment           and                                                                            therefore          you                                                             should                 not                                             invest                                            money                  that                      you                                                          cannot                                          afford      to                                                   lose.             You                                                       should                      be                              aware                  of                                       all                         the                        risks                                                                            associated                             with                                     Foreign                                                    Exchange                                                            trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EUR\/JPY pair saw unusual bearishness over the past five weeks. The pair dropped about 850 pips during this period of time, despite a 450 pips correction in the middle. Currently, a technical analysis of the daily chart<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-17462","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=17462"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17462\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}