EUR/JPY Price Analysis: Monthly support line probes sellers below 125.00

EUR/JPY seesaws near intraday low of 124.67 while extending Friday’s losses.
Bearish MACD, pullback from 15-month high keep sellers hopeful.
Only a fresh monthly high can convince buyers for return.

Anil Panchal FXStreet

EUR/JPY remains on the back foot for the second consecutive day as it takes rounds to the intraday low of 124.67, currently around 124.73, while heading into the European session on Monday.

During the last week, the pair failed to extend its north-run beyond the late-April 2019. The pullback activated on Friday gains support from bearish MACD to suggest further downside.

Even so, the quote needs to break an ascending trend line from July 10, at 124.70 now, to revisit July 29 top near 124.30.

Not only the late-July top but July 24 trough near 122.85 and 200-bar SMA level of 122.60 can also lure the sellers past-124.70.

Alternatively, 125.20 and the monthly top near 125.60 could entertain the intraday buyers during the pair’s fresh pullback moves. Though, any more upside past-125.60 will easily break 126.00 to challenge April 2019 top near 126.80.

EUR/JPY four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	124.73
Today Daily Change	-0.11
Today Daily Change %	-0.09%
Today daily open	124.84

Trends
Daily SMA20	123.62
Daily SMA50	122.12
Daily SMA100	119.8
Daily SMA200	120.13

Levels
Previous Daily High	125.4
Previous Daily Low	124.46
Previous Weekly High	125.59
Previous Weekly Low	123.99
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	124.82
Daily Fibonacci 61.8%	125.04
Daily Pivot Point S1	124.4
Daily Pivot Point S2	123.96
Daily Pivot Point S3	123.47
Daily Pivot Point R1	125.34
Daily Pivot Point R2	125.84
Daily Pivot Point R3	126.28

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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