Japanese Yen Weakens As Euro Makes Gains

• 21 Mar 2018

AUD/JPY

The AUD/JPY pair has recovered from oversold conditions and a bullish price reversal appears to be underway. Buying pressure has increased as the pair has moved above the lower Bollinger band. Momentum indicators support the bullish reversal as RSI has broken above the 30 support level.

EUR/JPY

The Euro has started regaining some dominance over the Japanese Yen, with a break of the low price SMA. At the same time, RSI is undergoing a momentum reversal from an oversold position. MACD is also going through a momentum reversal and with price action testing the high price SMA, a break would provide weight to the bullish trend.

EUR/CHF

A break of the high price SMA cements the uptrend for the EUR/CHF pair. Momentum indicators have turned bullish with a potential break of the zero line on MACD. Volume also appears to be rising into the move, further confirming buyers’ appetite to push price action higher.

EUR/USD

The EUR/USD pair is testing the high price SMA with room for further upside before a recent market top is reached. RSI has an upward trajectory and MACD remains in bullish territory.

Impact event: Fed Funds Rate and Monetary Policy Decision will be announced at 20:00 GMT+2 and will impact all Dollar pairs.