EUR/JPY technical analysis: Only a run above 38.2% retracement at 123.10 will rattle the bears
|Following a rally in the greenback, EUR/JPY has been pushed back above the 20 and 50 4-hour moving averages through 121.90. However, while below the wider 21-week moving average close to the 124 handle, and May highs trendline resistance keeps the bulls in check. Only a run above 38.2% retracement at 123.10 will rattle the bears. Price can continue lower towards 119.91 as being a 78.6% Fibonacci retracement ahead of 117.80s and flash crash lows. On a break of the 21-week moving average at 123.75, bulls will look towards as being the 125.52 78.6% retracement ahead of the 200-day ma at 126.17.
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.