EUR/JPY Price Analysis: A key 4-hour rejection has taken place at 126.70

EUR/JPY is trading 0.75% higher as JPY struggles across the board.
The bulls have been stopped in their tracks at 126.70.

Rajan Dhall, MSTA FX Daily

EUR/JPY 4-hour chart

At the beginning of the week, EUR/JPY has pushed higher and the Japanese Yen underperformed against most of its major counterparts. The EUR/JPY cross has hit a brick wall at the previous wave high resistance.

The price is still in a pretty decent uptrend and since the price hit a low of 114.42 in early May the pair has been making higher highs and higher lows. If the uptrend is to continue the aforementioned high of 126.75 needs to be broken.

The indicators are looking pretty bullish. The MACD histogram is in the green and the signal lines still remain above the zero line. The Relative Strength Index is above 50 but the current wave is lower than the previous one.

Tomorrow could be a pivotal day as EU PMI, German PMI's and EU inflation data are all set to be released. On the downside, the blue upward sloping trendline could be a support zone along with the red horizontal line at 125.14.

Additional levels

EUR/JPY

Overview
Today last price	126.32
Today Daily Change	0.92
Today Daily Change %	0.73
Today daily open	125.4

Trends
Daily SMA20	125.4
Daily SMA50	123.36
Daily SMA100	120.8
Daily SMA200	120.53

Levels
Previous Daily High	126.78
Previous Daily Low	125.2
Previous Weekly High	126.78
Previous Weekly Low	124.69
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	125.8
Daily Fibonacci 61.8%	126.17
Daily Pivot Point S1	124.81
Daily Pivot Point S2	124.21
Daily Pivot Point S3	123.23
Daily Pivot Point R1	126.39
Daily Pivot Point R2	127.37
Daily Pivot Point R3	127.96

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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