EUR/JPY Price Analysis: Buyers will look for entry beyond 50% Fibonacci

EUR/JPY recently bounces off a four-month-old support line amid oversold RSI.
An eight-day-old falling trend line, 200-day SMA restrict short-term upside.
61.8% of Fibonacci retracement offers additional support.

Anil Panchal FXStreet

EUR/JPY registers modest gains of 0.06% while rising to 119.05 ahead of the European session on Monday. In doing so, the pair takes a U-turn from the four-month-old support line amid oversold RSI conditions. However, 50% Fibonacci retracement of its September 2019 to January 2020 upside still questions the immediate buyers.

In addition to 119.40 nearby resistance, a short-term descending trend line near 119.85 and 200-day SMA around 120.45 could keep challenging the bulls.

However, the pair’s sustained trading beyond 120.45 enables the buyers to challenge the monthly top surrounding 121.15.

On the downside, the aforementioned support line near 118.80 and the 61.8% Fibonacci retracement near 118.50 will act as the immediate rest-points during the fresh declines.

Should there be an additional weakness below 118.50, October month low near 117.00 could gain the sellers’ attention.

EUR/JPY daily chart

Trend: Bearish

additional important levels

Overview
Today last price	119.06
Today Daily Change	9 pips
Today Daily Change %	0.08%
Today daily open	118.97

Trends
Daily SMA20	120.41
Daily SMA50	121.14
Daily SMA100	120.55
Daily SMA200	120.46

Levels
Previous Daily High	119.23
Previous Daily Low	118.87
Previous Weekly High	120.34
Previous Weekly Low	118.87
Previous Monthly High	122.88
Previous Monthly Low	119.78
Daily Fibonacci 38.2%	119.01
Daily Fibonacci 61.8%	119.09
Daily Pivot Point S1	118.82
Daily Pivot Point S2	118.66
Daily Pivot Point S3	118.45
Daily Pivot Point R1	119.18
Daily Pivot Point R2	119.39
Daily Pivot Point R3	119.54

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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