EUR/JPY is trapped in a narrowing price range. The direction of the range breakout depends on the broader market sentiment. The pair is flashing red in Asia alongside losses in the US stock futures. The EUR/JPY market has turned indecisive with the global equities charting big moves in both directions. The pair produced a big Doji candle for the second straight day on Tuesday, a sign of indecision or a lack of clear directional bias. More importantly, Tuesday’s Doji fell within Monday’s trading range, which fell within Friday’s high and low. Essentially, the pair is trapped in a narrowing price range. A close under Tuesday’s low of 117.29 would imply range breakdown and could cause more sellers to join the market. On the higher side, Tuesday’s high of 119.68 is the level to beat for the bulls. A bearish close may be seen if the global equities suffer sharp losses. At press time, the futures on the S&P 500, Wall Street’s benchmark index, are down over 3% and stocks in Australia and South Korea are shedding 4% and 0.4%, respectively. The weak tone in the US stock futures and the Asian equities is likely attracting bids for the anti-risk Yen and weighing over EUR/JPY. The cross is currently trading at session lows near 118.10, representing a 0.23% loss on the day. The stock markets have experienced record volatility recently. The US stocks closed higher on Monday with Dow industrials, S&P 500 gaining more than 5%, as the Federal Reserve and White House moved to soften the economic blow of the coronavirus pandemic. he Federal Reserve said it would launch a lending facility to support short-term commercial-debt markets to alleviate the pressure in the funding markets, short term credit, as well as equities. Meanwhile, the Trump administration said it plans to send checks directly to Americans as part of a $1 trillion stimulus package. The S&P500 dropped 10 percent on Monday to record its second-worst percentage drop ever, behind only the Black Monday crash of 1987. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan stocks rallied 2% as Dow rebounds on stimulus hopes FX Street 2 years EUR/JPY is trapped in a narrowing price range. The direction of the range breakout depends on the broader market sentiment. The pair is flashing red in Asia alongside losses in the US stock futures. The EUR/JPY market has turned indecisive with the global equities charting big moves in both directions. The pair produced a big Doji candle for the second straight day on Tuesday, a sign of indecision or a lack of clear directional bias. More importantly, Tuesday's Doji fell within Monday's trading range, which fell within Friday's high and low. Essentially, the pair is trapped in a narrowing price… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
