Current trend

On Thursday, the EUR was faltering against the JPY. Nevertheless, the pair managed to hold positions despite a growing demand for the safe haven asset amid not so positive macroeconomic publications from the eurozone and the US.

During the morning session, the pair started declining after mixed Consumer Price Index statistics for August were released in Japan: the indicator remained unchanged at 0.2%.

Support and resistance

Bollinger Bands indicator on the daily chart is directed horizontally, while the price range is narrowing down. MACD is failing to turn up and giving a sell signal again. Stochastic is growing.

The indicators are not giving clear trading signals.

Support levels: 134.32, 133.81, 133.15 (23 September local low), 132.22 (4 September low).

Resistance levels: 135.00, 135.53, 135.92, 136.43, 137.00, 137.34 (near 17 September local high), 137.79.

Trading tips

Long positions can be opened after the consolidation above the level of 134.50 with targets at 134.85, 135.40 and stop-loss at 134.20. Validity – 1-2 days.

Short positions can be opened after the breakdown of the level of 134.15 with the target at 133.30 and stop-loss at 134.40. Validity – 2-3 days.

EUR/JPY: EUR is trying to strengthen

EUR/JPY: EUR is trying to strengthen

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