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EUR/JPY rejected by key resistance as USD/JPY resumes descent and EUR/USD stays sidelined

EUR/JPY rejected by key resistance as USD/JPY resumes descent and EUR/USD remains sidelined in low volatility as Germany has a new coalition government in place.

Forex Source: Adobe images

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

​​​EUR/USD stays sidelined 

EUR/USD continues to range trade in low volatility above its mid-April low at $1.1265. While this level holds, last week's $1.1425 high and the 11 April high at $1.1473 may be revisited. 

​Below $1.1265 lies the March-to-May uptrend line at $1.11209 which may offer support.

​​EUR/USD daily chart

EUR/USD chart Source: TradingView

​EUR/JPY rejected by key resistance 

​Last week EUR/JPY was rejected by its December and January peaks at ¥164.54-to-¥164.90 which represent key resistance.  

A slide back towards the 200-day simple moving average (SMA) at ¥161.25, ¥164.18 early and ¥163.75 late April highs may thus be at hand. 

​Only if the ¥164.54-to-¥164.90 region were to be exceeded, would the October high at ¥166.68 be back in focus. 

EUR/JPY daily chart

EUR/JPY chart Source: TradingView

​USD/JPY resumes descent 

​USD/JPY is seen coming off its two-week high, made last week at ¥145.92, with it expected to descend to below its ¥139.89 April low. 

A currently unexpected rise above ¥145.92 would push the 55-day simple moving average (SMA) at ¥146.90 to the fore. 

USD/JPY daily chart

USD/JPY chart Source: TradingView

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