Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
7 May 2020

EUR/JPY Price Analysis: Bounces from lowest level since November 2016

  • EUR/JPY's hourly chart shows a bullish indicator divergence.
  • Indicators on the 4-hour chart show oversold conditions. 

EUR/JPY is currently trading near 114.68, representing a 0.18% gain on the day, having hit a low of 114.40 early Thursday. That was the lowest level since November 2016. 

The bounce has confirmed a bullish divergence of the relative strength index on the hourly chart. A bullish divergence occurs when the indicator prints a higher low, contradicting a lower low on price. It is widely considered a sign of bearish exhaustion. 

Meanwhile, the 4-hour chart RSI is reporting oversold conditions with a below-30 print, and the MACD histogram is printing higher lows below the zero line, a sign of weakening of downward momentum. 

The pair, therefore, could challenge the descending 50-hour average located at 115.27. A rejection there would reinforce the bearish bias put forward by the daily chart and open the doors for a drop to fresh multi-year lows. 

Hourly chart

Trend: Oversold bounce

Technical levels

 

May 7, 2020

WTI Price Analysis: 50-day average applies brakes to price rally

West Texas Intermediate's recovery rally looks to have stalled, as the black gold has failed twice in the last 24 hours to keep gains above the 50-day
Read more Previous
May 7, 2020

Oil Price Forecast: US gasoline demand to rise as 23 states lift coronavirus restrictions

S&P Global Platts, a provider of energy and commodities information, offered its outlook on the US gasoline demand growth amid easing coronavirus meas
Read more Next