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EUR/JPY - A shrinking trading range

by Timothy Straiton
Monday 10th February 2020

Current price is 120.19 which is 0.19% under the 40 week moving average and also under the monthly pivot level of 120.94. Although a bullish golden cross was made 5 weeks ago, this currency pair has failed to show conviction in either direction. The relatively low weekly Bollinger bandwidth of 3.47% demonstrates the lack of trend direction at the present time.The 14 week relative strength index is now at 47.10 and indicates neither an overbought or oversold condition. A break out of the weekly Bollinger Band range of 122.62, respectively 118.45 would cast more light on future direction.

 

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