EUR/JPY Price Analysis: Mildly offered inside three-week-old falling channel

EUR/JPY fades bounce off 13-month low, sidelined of late.
Sluggish Momentum, bearish chart pattern keep sellers hopeful.
50-SMA, 200-SMA adds to the upside filters, 2020’s peak also challenge bears.

Anil Panchal FXStreet

EUR/JPY reverses the corrective pullback from February 2021 lows, marked the previous day, inside a short-term descending trend channel formation. That said, the quote remains pressured around 128.30 by the press time of Thursday’s Asian session.

As the Momentum indicator portrays sluggish moves in favor of the previous rebound with the below zero figures, the EUR/JPY is likely to remain downbeat.

That said, the quote’s latest weakness eyes Wednesday’s low, also the lowest in 13 months, around 127.30.

However, tops marked during the year 2020 and the stated channel’s support line appears a tough nut to crack for the EUR/JPY bears around 127.00.

Alternatively, recovery moves may aim for the 129.00 threshold but the 50-SMA and upper line of the stated channel, near 129.30-45, will question EUR/JPY bulls afterward.

Also likely to challenge the pair’s upside is the 200-SMA level of 130.00, a break of which will propel an upside momentum targeting February’s peak of 133.15.

EUR/JPY: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	128.34
Today Daily Change	-0.21
Today Daily Change %	-0.16%
Today daily open	128.55

Trends
Daily SMA20	130.58
Daily SMA50	130.21
Daily SMA100	130.14
Daily SMA200	130.32

Levels
Previous Daily High	128.78
Previous Daily Low	127.3
Previous Weekly High	130.91
Previous Weekly Low	127.92
Previous Monthly High	133.15
Previous Monthly Low	127.92
Daily Fibonacci 38.2%	128.21
Daily Fibonacci 61.8%	127.86
Daily Pivot Point S1	127.64
Daily Pivot Point S2	126.73
Daily Pivot Point S3	126.16
Daily Pivot Point R1	129.12
Daily Pivot Point R2	129.69
Daily Pivot Point R3	130.59

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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