July 14 Chart of the Day - EUR/JPY
The EUR/JPY is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the Japanese yen of Japan (symbol ¥, code JPY).
The pair’s rate indicates how many Japanese yen are needed in order to purchase one euro. When the EUR/JPY is trading at 125.00, it means 1 euro is equivalent to 125 Japanese yen.
The euro (EUR) is the world’s second most traded currency, while the Japanese yen (JPY) is the world’s third most traded currency, resulting in an extremely liquid pair.
Price has been consistently making a series of higher highs and higher lows during the past 3 years and recently broke above long time resistance at 150 reaching levels not seen in over 13 years.
From a price action technical analysis perspective this chart provided a nice pull back long opportunity this week as seen on the daily chart but the question remains can the upward trend continue and if so for how long?
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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