- EUR/JPY extends bounce off 50% Fibonacci retracement to refresh intraday top.
- Two-week-old horizontal area, 100-SMA convergence guards immediate upside.
- MACD conditions, multiple upside barriers keep sellers hopeful.
EUR/JPY picks up bids to 132.43, up 0.11% intraday, during the early Friday’s recovery moves.
Although the cross-currency pair justifies its U-turn from 50% Fibonacci retracement of the monthly downturn, the receding bullish bias of MACD and a bumpy ride ahead tests the pair buyers.
A confluence of 100-SMA and a horizontal region comprising multiple levels since June 11, around 132.65-70, challenges intraday buyers ahead of the 200-SMA level of 132.90.
During the EUR/JPY run-up beyond 132.90, the 133.00 threshold and a descending resistance line from June, near 133.25, will be the key to watch for the bulls.
Alternatively, the downside break of the 50% Fibonacci retracement level of 132.08, will need validation from the 132.00 round figure before the early week tops near 131.50 can return to the chart.
It should, however, be noted that the quote’s downside break of 131.50 will drive EUR/JPY bears toward the monthly low near 130.00 psychological magnet.
To sum up, EUR/JPY recovery is likely to be challenged soon.
EUR/JPY four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||132.44|
|Today Daily Change||0.14|
|Today Daily Change %||0.11%|
|Today daily open||132.3|
|Previous Daily High||132.58|
|Previous Daily Low||132.12|
|Previous Weekly High||133.68|
|Previous Weekly Low||130.61|
|Previous Monthly High||134.06|
|Previous Monthly Low||130.98|
|Daily Fibonacci 38.2%||132.29|
|Daily Fibonacci 61.8%||132.4|
|Daily Pivot Point S1||132.08|
|Daily Pivot Point S2||131.87|
|Daily Pivot Point S3||131.62|
|Daily Pivot Point R1||132.54|
|Daily Pivot Point R2||132.79|
|Daily Pivot Point R3||133|
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