Written By : ForexAbode.com || Monday, 04 August 2014 05:28 GMT

EUR/JPY Daily Technical Analysis - August 4, 2014

Current Exchange Rate: 137.73 at the time of analysis update.

Intraday outlook: Mildly bullish outlook..

EUR/JPY had gone as high as 138.05 but found a taste of 55-day EMA resistance which was at 138.04 at that time. The price-action since then is range bound but the 4-hourly chart indicates that the short-term lows are getting higher. We remain in favor of some further gains. A break over the recent 138.05 should target 138.40 to 138.45 resistance zone first and then possibly 138.75.

On the downside a break below 137.51, which is the low of the current sideways move and also represents the 22-day EMA support, will neutralize the above outlook and in that case the currency pair should target the support zone of 137.20. We expect a good support near that level.

EUR/JPY Daily and 4-Hourly Charts

EUR/JPY 4-Hourly Chart      

EUR/JPY analysis - 4-hourly chart - August 4, 2014

EUR/JPY Daily Chart      

EUR/JPY analysis - daily chart - August 4, 2014

Further Resources and notes

Note 1: Please also take a look at EUR/JPY forecast for mid-term term trading approach updated on the weekends.

Note 2: Please subscribe to the analysis newsletter so that we can send email alerts as soon as we update the the same.

There can also be some news or some indications from technical indicators or chart patterns which may suggest some major moves. Do also check EUR/JPY chart alerts in the blog section and EUR/JPY market sentiments in Forex forum.

EUR/JPY Interest Rate comparison
(For Carry Trades)
Euro (EUR) interest rate
0.15%
Japanese yen (JPY) interest rate
0.10%
EUR/JPY interest Rate Comparison
0.05%

EUP/JPY Resistance and Support with Daily Pivot Points (GMT 00:00)

Last Updated (Monday, 04 August 2014 04:07) GMT

Standard Pivot Point for EUR/JPY Fibonacci Pivot Point for EUR/JPY Woodie Pivot Point for EUR/JPY Camarilla Pivot Point for EUR/JPY
R3 138.45 R3 138.25     R3 137.8
R2 138.25 R2 138.06 R2 138.23 R2 137.76
R1 137.96 R1 137.95 R1 137.92 R1 137.71
Pivot 137.76 Pivot 137.76 Pivot 137.74 Pivot 137.76
S1 137.47 S1 137.57 S1 137.43 S1 137.63
S2 137.27 S2 137.46 S2 137.25 S2 137.58
S3 136.98 S3 137.27     S3 137.54
Open 137.60 Open 137.60 Open 137.60 Open 137.60
High 138.05 High 138.05 High 138.05 High 138.05
Low 137.56 Low 137.56 Low 137.56 Low 137.56
Close 137.67 Close 137.67 Close 137.67 Close 137.67

EUR/JPY's Correlations With Other Currency Majors

EUR/JPY Correlation Values:
 
EUR / JPY
P
e
r
i
o
d
E
U
R
/
J
P
Y
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/USD
GBP
/USD
NZD
/USD
USD
/CAD
USD
/CHF
USD
/JPY
1
W
e
e
k
1 0.08 0.79 0.36 0.51 0.47 -0.44 0.11 -0.13 0.85
1
M
o
n
t
h
1 0.15 0.23 -0.09 0.15 0.17 -0.31 -0.42 -0.08 0.67
1
Y
e
a
r
1 -0.01 -0.61 -0.71 0.9 0.85 0.7 0.67 -0.89 0.94

EUR/JPY Correlation Graph:
 
0.08
   
-0.01
   
 
0.79
   
-0.61
   
 
0.36
   
-0.71
   
 
0.51
   
0.9
   
 
0.47
   
0.85
   
 
-0.44
   
0.7
   
 
0.11
   
0.67
   
 
-0.13
   
-0.89
   
 
0.85
   
0.94
   
   
0.08
   
0.01
 
   
0.79
   
0.61
 
   
0.36
   
0.71
 
   
0.51
   
0.9
 
   
0.47
   
0.85
 
   
0.44
   
0.7
 
   
0.11
   
0.67
 
   
0.13
   
0.89
 
   
0.85
   
0.94

Notes and caution about Forex analysis for EUR/JPY

The daily EUR/JPY analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and EUR/JPY price-action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for EUR/JPY.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the current EUR/JPY Exchange Rate.

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