EUR/JPY technical analysis: 122.55/50 can trigger another bounce


  • Short-term symmetrical triangle in place.
  • RSI can disappoint sellers together with pattern support.

The EUR/JPY pair is on the rounds to 122.65 ahead of the European open on Friday. The pair recently took a U-turn from a weeklong downward sloping trend-line.

Given the pair’s latest pullback from near-term resistance-line, it is likely to revisit 122.50/55 horizontal-support including multiple lows since Monday.

Though, the further downside can be denied expecting oversold levels of 14-bar relative strength index (RSI), if not then 122.30 and latest low near 122.00 could come back on the chart.

During the quote’s expected bounce, 122.80 may become adjacent stop ahead of rising again towards 123.00 trend-line resistance.

Should there be additional rise past-123.00, 61.8% Fibonacci retracement of current month downturn near 123.50 could flash on the bulls’ radar.

EUR/JPY hourly chart

Trend: Pullback expected

    1. R3 123.4
    2. R2 123.19
    3. R1 122.97
  1. PP 122.76
    1. S1 122.54
    2. S2 122.33
    3. S3 122.11

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.

EUR/USD News

GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.

GBP/USD News

USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.

USD/JPY News

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •