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.

Omkar Godbole FXStreet Contributor

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

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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