EUR/JPY Technical Analysis: 125.75 is the level to beat for the bulls

Omkar Godbole FXStreet Contributor

On Friday, the EUR/JPY pair created a bullish outside candle - the day began with pessimism, but ended on an optimistic note - signaling the path of least resistance is to the higher side.

The bullish bias, however, would be confirmed only if the pair closes today above the high of 125.75 clocked on Friday.

Daily chart

As seen above, the pair has found acceptance above 125.27 - 61.8 percent Fibonacci retracement - a level which proved a tough nut to crack during six days leading up to Feb. 1.

The 5- and 10-day moving averages (MAs) are trending north and the 14-day RSI has moved above 50.00.

The pair, therefore, looks set to confirm the bull breakout with a move above 125.75 - the high of Friday's bullish outside-day. That would open up upside toward 128.00 (Dec. 14 low).

A close below 124.36 (Friday's low) may embolden the bears.

Trend: bullish above 125.75

EUR/JPY

Overview:
    Today Last Price: 125.47
    Today Daily change: -3 pips
    Today Daily change %: -0.02%
    Today Daily Open: 125.5
Trends:
    Daily SMA20: 124.63
    Daily SMA50: 126.25
    Daily SMA100: 127.99
    Daily SMA200: 128.61
Levels:
    Previous Daily High: 125.74
    Previous Daily Low: 124.36
    Previous Weekly High: 125.74
    Previous Weekly Low: 124.36
    Previous Monthly High: 127.07
    Previous Monthly Low: 118.84
    Daily Fibonacci 38.2%: 125.21
    Daily Fibonacci 61.8%: 124.89
    Daily Pivot Point S1: 124.66
    Daily Pivot Point S2: 123.83
    Daily Pivot Point S3: 123.29
    Daily Pivot Point R1: 126.04
    Daily Pivot Point R2: 126.58
    Daily Pivot Point R3: 127.41

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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