EUR/JPY Technical Analysis: Temporary relief could be in the offing
|- The bullish divergence of the hourly relative strength index (RSI) indicates scope for an Intraday rally in the EUR/JPY pair.
- The former support-turned-resistance of 129.13 (July 27 low) could be put to test before the pair resumes the downtrend called by the lower highs and lower lows pattern seen in the daily chart.
Hourly chart
Spot Rate: 128.68
Daily High: 128.75
Daily Low: 128.52
Trend: Intraday bullish
R1: 129.13 (July 27 low)
R2: 129.82 (200-hour moving average)
R3: 130.00 (psychological level)
Support
S1: 128.50 (July 4 low)
S2: 127.43 (61.8% Fib R of May 29 low - July 17 high)
S3: 127.15 (June 28 low)
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.