EUR/JPY Technical Analysis: Approaching upper edge of descending broadening channel
|The EUR/JPY pair is fast approaching 124.75 - the upper edge of the descending broadening channel seen in the 4-hour chart. As of writing, it is trading at 124.63.
4-hour chart
The descending channel breakout, if confirmed, would signal a continuation of the rally from the monthly lows near 120.00.
Hourly chart
The bull breakout is more likely to happen than not, as the pair has reclaimed major averages (50, 100, and 200) on the hourly chart.
Further, the 5- and 10-day EMAs are beginning to curl upwards. On the downside, 123.99 (low of Tuesday's Doji candle) is the level to bet for the bears.
Trend: bullish
EUR/JPY
Overview:
Today Last Price: 124.62
Today Daily change: 18 pips
Today Daily change %: 0.145%
Today Daily Open: 124.44
Trends:
Daily SMA20: 124.95
Daily SMA50: 127.07
Daily SMA100: 128.49
Daily SMA200: 129.04
Levels:
Previous Daily High: 124.68
Previous Daily Low: 123.74
Previous Weekly High: 125.1
Previous Weekly Low: 123.4
Previous Monthly High: 129.3
Previous Monthly Low: 125.36
Daily Fibonacci 38.2%: 124.32
Daily Fibonacci 61.8%: 124.1
Daily Pivot Point S1: 123.89
Daily Pivot Point S2: 123.34
Daily Pivot Point S3: 122.94
Daily Pivot Point R1: 124.84
Daily Pivot Point R2: 125.24
Daily Pivot Point R3: 125.79
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.