- EUR/JPY has exited a two-week-long bearish channel.
- The breakout indicates a resumption of the rally from October lows.
EUR/JPY has jumped to 123.90, extending Monday's ascent from 122.97 and confirming a bearish channel breakout on the 4-hour chart.
The breakout indicates the sell-off from the Nov. 9 high of 125.14 has ended, and the broader uptrend from the Oct. 30 low of 121.62 has resumed.
The channel breakout is backed by an above-50 or bullish reading on the 4-hour chart Relative Strength Index. Further, the 4-hour chart MACD histogram is printing higher bars above the zero line, indicating a strengthening of the upward momentum.
As such, the pair could challenge resistance at 124.44. A violation there would expose the Nov. 9 high of 125.14. The bias would turn bearish if the pair falls back below 122.84 (Nov. 19 low). The pair is currently trading at 123.77.
|Today last price||123.77|
|Today Daily Change||0.03|
|Today Daily Change %||0.02|
|Today daily open||123.79|
|Previous Daily High||123.79|
|Previous Daily Low||123.08|
|Previous Weekly High||124.44|
|Previous Weekly Low||122.85|
|Previous Monthly High||125.09|
|Previous Monthly Low||121.62|
|Daily Fibonacci 38.2%||123.52|
|Daily Fibonacci 61.8%||123.35|
|Daily Pivot Point S1||123.31|
|Daily Pivot Point S2||122.84|
|Daily Pivot Point S3||122.6|
|Daily Pivot Point R1||124.03|
|Daily Pivot Point R2||124.27|
|Daily Pivot Point R3||124.74|
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