EUR/JPY Price Analysis: Off intraday low but not out of the bears’ radar


  • EUR/JPY struggles to keep recovery moves from 123.11.
  • Three-day-old faling trend line, weekly resistance trend line favor sellers.
  • RSI pullback from oversold territory pushes the bulls to await break of 123.50.

EUR/JPY pulls back from an intraday low of 123.11 to 123.23 ahead of Friday’s European session. However, the quote prints 0.18% intraday losses while staying below multiple resistance lines.

Among them, the first one drops from this Tuesday, at 123.35 now, ahead of a bit broader one from October 09, currently around 123.50.

While RSI recovery from the nearly oversold area suggests the pair’s further recovery, a clear break of 1203.50 becomes necessary for the EUR/JPY bulls before aiming 124.45 and the weekly top near 125.00.

On the contrary, a clear downside below 123.00 can take a rest on the upward sloping support line from June 19, around 122.90, a break of which will attack the previous month’s low near 122.30.

If at all the bears remain dominant past-122.30, the 122.00 threshold will be the key as it holds the gate for the EUR/JPY slump towards the 120.00 psychological magnet.

EUR/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 123.24
Today Daily Change -0.21
Today Daily Change % -0.17%
Today daily open 123.45
 
Trends
Daily SMA20 123.75
Daily SMA50 124.77
Daily SMA100 123.39
Daily SMA200 121.09
 
Levels
Previous Daily High 123.78
Previous Daily Low 123.02
Previous Weekly High 125.09
Previous Weekly Low 123.32
Previous Monthly High 127.08
Previous Monthly Low 122.38
Daily Fibonacci 38.2% 123.31
Daily Fibonacci 61.8% 123.49
Daily Pivot Point S1 123.05
Daily Pivot Point S2 122.66
Daily Pivot Point S3 122.3
Daily Pivot Point R1 123.81
Daily Pivot Point R2 124.17
Daily Pivot Point R3 124.57

 

 

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