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2 Aug 2021

EUR/JPY Price Analysis: Multiple Doji portrays traders’ indecision around 130.00

  • EUR/JPY stays sidelined, seesaws around 21-DMA, seven-week-old resistance line of late.
  • Bullish MACD keeps buyers hopeful but candlestick formation trouble traders.
  • Sustained trading beyond 200-DMA keeps buyers hopeful, late June lows also challenge bulls.

EUR/JPY takes round to 130.10-15 during Monday’s Asian session. In doing so, the cross-currency pair portrays a three-day sideways grind, also marking the Doji candlestick formation, to highlight the trader’s indecision.

However, clear trading beyond 200-DMA and bullish MACD keeps the pair buyers hopeful.

Hence, a daily sustained run-up beyond the latest high near 130.55 becomes necessary for the short-term EUR/JPY buyers but late June’s low near 131.10 should validate the actual run-up.

Following that, the previous month’s top near 132.45 should gain the market’s attention.

Alternatively, the 130.00 round figure and 129.60 should test intraday sellers before challenging them with the 200-DMA level of 128.70.

In a case where EUR/JPY sellers conquer the key moving average, March’s low near 128.30 will be in focus.

EUR/JPY: Daily chart

Trend: Sideways

 

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