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.

Anil Panchal FXStreet

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
PP 122.76
1. S1 122.54
2. S2 122.33
3. S3 122.11

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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