EUR/JPY technical analysis (daily chart): 07.09.23

Hand up, this is not the prettiest price action I have seen in a while. However, it is clearly struggling to break above the 158.50 area having formed a double top in the area. Its mediocre rise from the September low pales in comparison to the drop form the August highs, which leads me to believe current price action is corrective and it is preparing for another leg lower.

For today, we may see some noise around the open and for prices to try and regain ground above the daily pivot point / 200-bar EMA, but bears could seek evidence of weakness below the upper resistance zone for an anticipated move towards 158 and 157.85.


The monthly trend is definately upwards, confirmed by all my indicators inluding Ichimoku cloud, however, it has continued to reach new territory.

Back to the weekly and daily shows a ranging upwards price action that has not fully broken out either way. IMO, I would wait for any downward 153.00 trade movement that has been triggered by positive support from the weak JPY fundamental situation.

Cheers, very interesting.