empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

05.03.202116:16 Forex Analysis & Reviews: EUR/JPY Price Analysis for 5th March, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
  • EUR/JPY extends gains to the 129.60 region on Friday.
  • Higher US yields keep the selling mood around the yen unchanged.
  • US Nonfarm Payrolls will take centre stage later in the NA session.

The hike higher in US yields keep the selling bias well and sound around the Japanese yen and motivate EUR/JPY to extend the upside momentum well above 129.00.

EUR/JPY trades with a positive bias for the fifth session in a row at the end of the week, always supported by the persistent offered note surrounding the Japanese yen. In fact, the rally in US yields continues to lend wings to the greenback and encourage JPY bears to remain in control, all morphing into extra gains in the cross and opening the door to a potential visit to the 2021 highs.

Everything being equal, the EUR/JPY exchange rate could continue to edge higher . The potential target for bullish traders would be near the 130.00 level. At the moment the cross is gaining 0.11% at 129.31 and faces the next resistance at 129.87 (2021 high Feb.24) followed by 130.00 (psychological level) and then 130.14 (monthly high Nov.7 2018). On the other hand, a drop below 128.18 (weekly/monthly high Mar.2) would aim for 127.30 (low Feb.17) and finally 127.0o

Jan Novotny
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off