EUR/JPY Price Analysis: The pair gets a reality check at 122.00

  • EUR/JPY is trading 0.44% higher on Monday as the euro is one of the top performers on the day.
  • The price has formed a rising wedge formation on the 4-hour chart.

EUR/JPY 4-hour chart

The euro is the top-performing currency in the G6 on Monday as risk sentiment improves and the dollar weakens. The pair has been grinding higher all session but over the last couple of hours and especially in the US session the price has dropped back.

The price has converged into a rising wedge formation and a break of the chart pattern could help determine the future direction of the pair. The price stopped at the key resistance zone of 1.22 as it has done twice on the chart already. 

The indicators are showing a mixed picture at the moment. The Relative Strength Index is currently sloping lower and pulling away from the overbought zone. While the MACD is still in the green with the signal lines under the mid-point. 

The data in the US has been encouraging as the ISM non-manufacturing print exceeded analyst expectations. Later in the week, the market will get the latest initial jobless claims and updates about the COVID-19 pandemic if the news continues to improve the pair could break to the upside.

EUR/JPY rising wedge formation

Additional levels


Today last price 121.45
Today Daily Change 0.54
Today Daily Change % 0.45
Today daily open 120.91
Daily SMA20 120.84
Daily SMA50 118.98
Daily SMA100 118.83
Daily SMA200 119.69
Previous Daily High 121.04
Previous Daily Low 120.61
Previous Weekly High 121.48
Previous Weekly Low 120.05
Previous Monthly High 124.43
Previous Monthly Low 119.32
Daily Fibonacci 38.2% 120.87
Daily Fibonacci 61.8% 120.77
Daily Pivot Point S1 120.67
Daily Pivot Point S2 120.43
Daily Pivot Point S3 120.25
Daily Pivot Point R1 121.09
Daily Pivot Point R2 121.28
Daily Pivot Point R3 121.52



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: At risk of extending its slide

The greenback closed the week appreciating against most major rivals, although EUR/USD settled in the 1.1780 price zone, holding on to modest weekly gains. EUR/USD decline corrective on the broader view but could extend its slump in the shorter-term.


GBP/USD: Limited bearish potential

The GBP/USD pair finished the week with modest losses at 1.3050, giving up to the dollar’s demand at the end of the week. The Cable is trading above the 1.3000 level, which limits the bearish potential.


Gold: Acceptance above $2050 critical to revive the uptrend

Gold’s record-breaking rally could resume on a sustained move above $2050. RSI on 4H chart stays in the bullish territory, pointing to the upside. XAU bulls to buy the dips around $2010 in the week ahead?

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News