EUR/JPY analysis: reversing intraday gains

Valeria Bednarik FXStreet

EUR/JPY Current price: 113.52

The EUR/JPY pair advanced up to 113.90, with the yen weakening on dollar's strength, as the dollar index extended its rally up to 99.11 intraday, its highest in over seven months. But as stocks and the dollar reversed course, the yen recovered some ground, resulting in the EUR/JPY pair pulling back to the 113.50 region. Short term, the 1 hour chart shows that the pair has bounced from its 100 SMA, while the technical indicators have lost their bearish strength after entering negative territory, indicating limited downward strength at the time being. In the 4 hours chart, the pair continues trading well below their mid-lines, while technical indicators have lost upward strength but hold within positive territory. Additionally, the pair was rejected by the 50% retracement of its latest bullish run, with the pair having been contained within these Fibonacci levels ever since late July.

Support levels: 113.05 112.60 112.05

Resistance levels: 113.65 114.00 114.40

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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