EUR/JPY Price Analysis: Rejected at 123.15, remains stuck in a sideways channel

EUR/JPY's hourly chart shows a sideways channel pattern.
A range breakdown would imply a continuation of the sell-off from recent highs near 126.00.

Omkar Godbole FXStreet Contributor

EUR/JPY is trading near 123.05 at press time, representing marginal gains on the day, having faced rejection at 123.15 a few minutes ago.

The pair has carved out a sideways channel on the hourly chart with the upper end and lower end at 123.20 and 122.57, respectively.

A breakout would open the doors for 123.83 (target as per the measured move method). However, the bias would remain bearish as long as the pair holds below 124.41 – the former support-turned-resistance of the head-and-shoulders (H&S) breakdown confirmed on Sept. 16.

Alternatively, a range breakdown, if confirmed, would reinforce the bearish view put forward by the H&S breakdown and expose support at 122.00 (100-week simple moving average).

Hourly chart

Trend: Bearish below 122.57

Technical levels

EUR/JPY

Overview
Today last price	123.05
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	123.04

Trends
Daily SMA20	124.84
Daily SMA50	124.77
Daily SMA100	122.38
Daily SMA200	120.9

Levels
Previous Daily High	123.16
Previous Daily Low	122.58
Previous Weekly High	125.9
Previous Weekly Low	123.32
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	122.94
Daily Fibonacci 61.8%	122.8
Daily Pivot Point S1	122.69
Daily Pivot Point S2	122.35
Daily Pivot Point S3	122.12
Daily Pivot Point R1	123.27
Daily Pivot Point R2	123.5
Daily Pivot Point R3	123.85

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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