EUR/JPY Price Analysis: Mildly offered inside a triangle above 100-HMA
|- EUR/JPY fails to keep the upside break of short-term key moving average.
- Lows marked around 125.30 add to the support.
- Bulls need confirmation of further upside from 127.50.
EUR/JPY drops to 125.62, down 0.10% on a day during the pre-European session on Monday. In doing so, the Euro cross weakens inside a three-day-old symmetrical triangle while staying above 100-HMA.
As a result, the pair’s immediate downside can stall around either the triangle’s support of 100-HMA, respective near 125.55 and 125.40.
It should, however, be noted that the quote’s additional weakness past-125.40 needs to slip below 125.30, comprising lows marked during September 09 and 10, before targeting 125.00 round-figures and the monthly low surrounding 124.40.
On the flip side, a clear break above 125.85 will defy the triangle, which in turn can aim for the monthly top near 127.00.
Though, March 2019 peak close to 127.50 can question the bulls afterward.
EUR/JPY hourly chart
Trend: Sideways
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