EUR/JPY Price Forecast: Technical outlook
As abovementioned, exhaustion lies in the EUR/JPY pair. If EUR/JPY bulls fail to record a daily close above 139.00, that will exert additional downward pressure on the cross-currency pair. Also, the Relative Strength Index (RSI) in overbought territory (72.34) formed a negative divergence with price action as the EUR/JPY records higher highs, the RSI prints lower highs.
With that said, the EUR/JPY’s first support would be the psychological 138.00 mark. A break would expose February 2018 highs near 137.50, followed by April’s 19 daily low at 136.83.
On the other hand, TWITTER VS MUSK: WHAT IS A POISON PILL DEFENSE?
The announcement, which was revealed in an updated filing with the Securities and Exchange Commission on Thursday, also notes that Musk has received commitments of approximately $46.5 billion to help finance a potential deal.
The funding includes roughly $21 billion in equity financing and around $25.5 billion in debt financing through Morgan Stanley Senior funding and other firms, including Bank of America, Mizuho Bank, Barclays, MUFG, Société Générale and BNP Paribas.
Moreover, Will U.S. Stock Market Continue To Rally Higher?
Allow us to help you understand what is happening behind all these data points and news posts. We can understand key market components better by using specialized modelling systems that aim to distill market events into relatable trigger events within our strategies. This, in turn, helps us to better understand what may come next for the US markets.
Comparing Global Market Index Versus The U.S. Market Index
Looking at this custom Weekly Smart Cash Index vs. the US Index, it is evident that the Smart Cash Index (in RED) has fallen very sharply over the past 14+ months. We can interpret this downward trend as a sharp shift in inflationary, deleveraging, and economic trends in Asia and much of Europe. We find this shift interesting because it took place after a substantial rally in both U.S. and global market assets from November 2020 to early February 2021.
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