Christmas week in the forex markets: what’s on?

EUR/JPY has been finding tough resistance at the 21-day moving average in a sideways chop on the daily charts as traders wait for geopolitical developments to unfold. However, in the meantime, the market does appear to be on the defensive with a bias leaning to the downside.A break below the current support at 117.55/52 as being the August 12 and September 12 lows opens risk to 116.58/115.87 recent lows. A break there will open risk to the 2017 low at 114.86. On the upside, with the downside trendline in mind around 118, analysts at Commerzbank argued that, “rallies will find resistance offered by the downtrend at 118.88 and this resistance is reinforced by 120.05, the 38.2% retracement. And while capped here the market will remain offered. The 55-day ma offers additional resistance at 118.51.”Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .