- 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
|Today last price||121.39|
|Today Daily Change||0.18|
|Today Daily Change %||0.15%|
|Today daily open||121.21|
|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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