EUR/JPY Price Analysis: There is a big Fib confluence area just under 1.22


  • EUR/JPY is trading 0.29% higher on Tuesday as the Japanese Yen underperforms.
  • The pair is looking to break higher past some important resistance zones.

EUR/JPY 4-hour chart

EUR/JPY is a very technical pair and usually responds well to Fibonacci analysis. The pair is trading 0.24% higher but there are some key levels above the current price. On the chart below the 50% Fibonacci retracement and the golden ratio of 161.8% on the Fib extension (in blue) meet just under 1.22. These strong Fibonacci confluence levels are often well respected and this one could act as a resistance.

The price is also testing the consolidation high at 121.32 at the moment. There does seem to be enough momentum for the price to break through but there has not been a close above the level just yet. In terms of the wave pattern, there has been a higher low higher high wave and there seems to be more upside momentum left for now. 

Looking at the indicators, the Relative Strength Index is very close to the oversold area but there is still room to the upside. The MACD histogram is green and the signal lines are trading above the mid-level, which is a bullish sign.

EUR/JPY technical analysis

Additional levels

EUR/JPY

Overview
Today last price 121.3
Today Daily Change 0.37
Today Daily Change % 0.31
Today daily open 120.93
 
Trends
Daily SMA20 121.21
Daily SMA50 118.63
Daily SMA100 118.77
Daily SMA200 119.63
 
Levels
Previous Daily High 121.36
Previous Daily Low 120.05
Previous Weekly High 121.1
Previous Weekly Low 119.32
Previous Monthly High 119.9
Previous Monthly Low 114.43
Daily Fibonacci 38.2% 120.86
Daily Fibonacci 61.8% 120.55
Daily Pivot Point S1 120.2
Daily Pivot Point S2 119.47
Daily Pivot Point S3 118.89
Daily Pivot Point R1 121.51
Daily Pivot Point R2 122.09
Daily Pivot Point R3 122.82

 

 

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