EUR/JPY technical analysis: Ascending trend-line, channel support to challenge bears amid oversold RSI

Short-term supports could limit further declines amid oversold RSI.
200-HMA and 38.2% Fibo. restrict near-term upside.

Anil Panchal FXStreet

Despite trading near the week’s lows surrounding 122.15, EUR/JPY might find it hard to extend the latest weakness as it is still left to clear key supports during early Friday.

Among them, a 10-day long ascending trend-line at 122.04 seems the first one to question the sellers, if ignored can drag the quote to support-line of the short-term descending channel at 121.97.

Should bears refrain from respecting oversold levels of 14-bar relative strength index (RSI), 61.8% Fibonacci retracement around 121.70 and the month’s low near 120.90 could entertain them.

Meanwhile, 38.2% Fibonacci retracement and 200-hour moving average (HMA) offers a resistance confluence near 122.25/30, a break of which can propel the quote to 122.50 and then to channel’s resistance of 122.65.

If at all prices defy downward sloping channel formation by clearing 122.65, current month high around 123.20 and 123.70 are likely to flash on the chart.

EUR/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	122.12
Today Daily Change	-9 pips
Today Daily Change %	-0.07%
Today daily open	122.21

Trends
Daily SMA20	122.33
Daily SMA50	123.77
Daily SMA100	124.58
Daily SMA200	126.42

Levels
Previous Daily High	122.57
Previous Daily Low	122.12
Previous Weekly High	122.72
Previous Weekly Low	120.78
Previous Monthly High	125.24
Previous Monthly Low	120.92
Daily Fibonacci 38.2%	122.29
Daily Fibonacci 61.8%	122.4
Daily Pivot Point S1	122.03
Daily Pivot Point S2	121.86
Daily Pivot Point S3	121.59
Daily Pivot Point R1	122.48
Daily Pivot Point R2	122.75
Daily Pivot Point R3	122.92

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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