EUR/JPY Technical Analysis: 100-day SMA limits immediate declines, 50% Fibo. caps nearby advances

Anil Panchal FXStreet

The EUR/JPY pair is on the rounds near 125.80 during early Monday. While failure to provide sustained downturn under 100-day simple moving average (SMA) triggered the quote’s pullback, 50% Fibonacci retracement of October 2018 to January 2019 seems acting as immediate resistance for the pair.

In a case gradually recovery 14-day relative strength index (RSI) fuels the pair beyond 125.90 adjacent upside barrier, 126.20 and a downward sloping trend-line from March 01 at 126.80 can please the buyers.

However, Bulls ability to cross 126.80 on a daily closing basis could escalate the recovery towards 127.50/60 resistance-confluence comprising 200-day SMA and 61.8% Fibonacci retracement level.

Meanwhile, a downside break of 125.70 figure including 100-day SMA highlights the importance of an ascending trend-line that connects January low to March low at 125.00.

If at all the JPY strength drags the pair under 125.00, 124.70 and 38.2% Fibonacci retracement near 124.20 might flash on the chart.

EUR/JPY daily chart

Trend: Sideways

1. R3 126.3
2. R2 126.15
3. R1 125.97
PP 125.82
1. S1 125.64
2. S2 125.49
3. S3 125.31

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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