19.05.2021 05:17 PMEUR/JPY appears firmer near 133.50, new 2021 highs
The upbeat note in US yields put the Japanese currency under downside pressure and favors the continuation of the upside momentum in EUR/JPY to new highs around 133.50 on Wednesday.
EUR/JPY adds to Tuesday's advance and keeps the rally well and sound for yet another session, this time leaving behind the key barrier at 133.00 the figure, levels last seen in April 2018
From a theoretical perspective, EUR/JPY exchange rate continues to follow the rising wedge pattern. It is likely that the currency pair could re-test the lower pattern ascending support line around 131.00 psychological round figure mark. If the given pattern holds, a back up could occur.
The development of MACD indicator (bearish divergence ) hints at swelling downside momentum.If price fails to break above 133.00 round figure mark , we will see decline towards next support at 132.10.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
