EUR/JPY technical analysis: 122.50 offers intermediate halt during the declines to 122.00

A one weeklong trend-line limits the pair’s upside.
Immediate horizontal-support and latest lows can question sellers during further declines.

Anil Panchal FXStreet

Failure to surpass a downward sloping trend-line since May 07 drags the EUR/JPY pair towards re-testing 122.50 horizontal-support during the early Asian session on Thursday.

While short-term resistance-line caps the quote’s upside, break of 122.50 becomes necessary to revisit Yesterday’s lows surrounding 122.00.

If at all prices keep trading southward below 122.00, 61.8% Fibonacci expansion (FE) of latest moves, at 121.75, could appear on the chart.

Given the pair’s ability to cross 123.00 trend-line resistance, it’s rise to 123.40 and 123.65 can’t be denied.

Also, the pair’s successful trading above 123.65 enables it to challenge 124.00 and 124.30 numbers to the north.

EUR/JPY hourly chart

Trend: Pullback expected

1. R3 124.24
2. R2 123.67
3. R1 123.21
PP 122.64
1. S1 122.19
2. S2 121.62
3. S3 121.16

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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