EUR/JPY Price Analysis: Looks north with bearish channel breakout on 4H


  • 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. 

4-hour chart

Trend: Bullish

Technical levels

EUR/JPY

Overview
Today last price 123.77
Today Daily Change 0.03
Today Daily Change % 0.02
Today daily open 123.79
 
Trends
Daily SMA20 123.17
Daily SMA50 123.59
Daily SMA100 124.02
Daily SMA200 121.44
 
Levels
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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