EUR/JPY Price Analysis: Bid above 121.00 as key MAs eye bull cross

EUR/JPY's daily chart shows an impending bull cross of long-term averages.
Price patterns also indicate the path of least resistance is to the higher side.

Omkar Godbole FXStreet Contributor

EUR/JPY is looking to extend Monday's gain with key simple moving average (SMA) indicators eyeing their first bullish turn since November 2019.

The pair is currently trading at 121.12, representing a 0.16% gain on the day, having risen from 120.13 to 121.36 on Monday.

The pair's 50-day SMA is trending north and appears set to cross above the 100-day SMA in the next day or two. The resulting bull cross would be first since mid-November and may bolster the bullish patterns seen on the 4-hour and daily charts.

While the 4-hour chart shows a falling wedge pattern, a bullish reversal setup, the daily chart shows a bullish Doji continuation pattern (Friday's Doji + Monday's big green candle). In addition, the 14-day relative strength index is reporting bullish conditions with an above-50 print.

The pair looks set to cross above Monday's high of 121.36 and challenge resistance at 122.12 (June 16 high). The bullish bias would be invalidated if the support at 120.00 is breached.

4-hour chart

Daily chart

Trend: Bullish

Technical levels

EUR/JPY

Overview
Today last price	121.1
Today Daily Change	0.17
Today Daily Change %	0.14
Today daily open	120.93

Trends
Daily SMA20	121.21
Daily SMA50	118.63
Daily SMA100	118.77
Daily SMA200	119.63

Levels
Previous Daily High	121.36
Previous Daily Low	120.05
Previous Weekly High	121.1
Previous Weekly Low	119.32
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	120.86
Daily Fibonacci 61.8%	120.55
Daily Pivot Point S1	120.2
Daily Pivot Point S2	119.47
Daily Pivot Point S3	118.89
Daily Pivot Point R1	121.51
Daily Pivot Point R2	122.09
Daily Pivot Point R3	122.82

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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