EUR/JPY Price Analysis: Mildly bid above 121.00 following pullback from weekly support line


  • EUR/JPY keeps recovery moves from 100-HMA inside a bullish chart pattern.
  • Rising wedge on hourly chart, sustained trading beyond one-week-old support line keep buyers hopeful.
  • A strong selling pressure becomes necessary to break the 120.00 threshold.

EUR/JPY gains 0.15% while rising to 121.40 during the early Wednesday. The pair recently bounces off 100-HMA and aims to confirm a short-term bullish chart formation on the hourly chart. Other than the 100-HMA an upward sloping trend line from July 01 also favors the buyers.

As a result, the rising wedge’s resistance around 121.60 gains market attention, a break of which could swiftly challenge the mid-June top near 122.15. Though, January month high close to 122.90 and June 05 low surrounding 123.55 hold the gate for the pair’s further upside.

In a case where the bulls dominate past-123.55, 124.00 and June month’s peak level of 124.43 will be under attack.

Meanwhile, the 100-day SMA and the bullish pattern’s support line together constitute 121.20 as the strong immediate support. Additionally, the one-week-old rising trend line around 121.15 could challenge the sellers.

If at all the bears enter below 121.15, 121.00 and 61.8% Fibonacci retracement of the pair’s June 26 to July 06 upside, around 120.60 will offer intermediate halt before highlighting 120.00 psychological magnet.

EUR/JPY hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 121.39
Today Daily Change 0.18
Today Daily Change % 0.15%
Today daily open 121.21
 
Trends
Daily SMA20 120.74
Daily SMA50 119.2
Daily SMA100 118.88
Daily SMA200 119.72
 
Levels
Previous Daily High 121.72
Previous Daily Low 121.18
Previous Weekly High 121.48
Previous Weekly Low 120.05
Previous Monthly High 124.43
Previous Monthly Low 119.32
Daily Fibonacci 38.2% 121.39
Daily Fibonacci 61.8% 121.52
Daily Pivot Point S1 121.03
Daily Pivot Point S2 120.84
Daily Pivot Point S3 120.49
Daily Pivot Point R1 121.56
Daily Pivot Point R2 121.91
Daily Pivot Point R3 122.09

 

 

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