{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/japanese-yen-continues-to-drive-the-eurjpy-market\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/japanese-yen-continues-to-drive-the-eurjpy-market\/","headline":"Japanese Yen Continues to Drive the EURJPY Market","name":"Japanese Yen Continues to Drive the EURJPY Market","description":"Bulls are solidly behind the Japanese Yen, which has constituted a headwind in the EURJPY market. Market anticipations concerning the JPY are quite strong, as economic data are expected to come in better than previous reports. As a result, investors are rallying behind bearish bets in the EURJPY market. Key Price Levels: Resistance Levels: 165.00, […]","datePublished":"2024-07-31","dateModified":"2024-07-31","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/04\/istockphoto-1153250712-612x612-3.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/04\/istockphoto-1153250712-612x612-3.jpg","height":408,"width":612},"url":"https:\/\/forexschoolonline.com\/japanese-yen-continues-to-drive-the-eurjpy-market\/","about":["EUR\/JPY","Forex","FX Technical Analysis"],"wordCount":294,"keywords":["eurjpy","Forex","Technical Analysis"],"articleBody":"Bulls are solidly behind the Japanese Yen, which has constituted a headwind in the EURJPY market. Market anticipations concerning the JPY are quite strong, as economic data are expected to come in better than previous reports. As a result, investors are rallying behind bearish bets in the EURJPY market.Key Price Levels:Resistance Levels: 165.00, 170.00, and 175.00Support Levels: 160.00, 155.00, and 150.00EURJPY Breaks the UptrendPrice action in the EURJPY market has defied the long-term uptrend. This is seen as the pair trades below the upward-sloping trendline, above which it has been trading for a while. Downward forces seem dominant at this point, as evidenced by the amount of red-price candles that have appeared in recent sessions.Consequently, trading activity now occurs below all the Exponential Moving Average (EMA) lines. Also, the Stochastic Relative Strength Index (SRSI) lines remain depressed in the oversold region. This shows that upside forces are subdued at this point, owing to a quieter euro side of the market.EURJPY Eyes a Technical Support LevelPrice activity in the EURJPY market remains below all the EMA lines. The corresponding price candle to the ongoing session suggests that downward forces control price movement. This can be deduced from the appearance of the last price candle on this chart. Likewise, the position of price action below all the EMA lines has a strong bearish influence on the market.Considering activities on the SRSI indicator, one can see that the lines are running very sharply towards the oversold region. Coupled with the fact that more economic data are expected to roll out from the JPY side of the market, traders can brace for impact at the 164.00 support level.Do you want to take your trading to the next level? Join the best platform for that here."}