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.

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

 

 

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 bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.

EUR/USD News

GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.

GBP/USD News

USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.

USD/JPY News

Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •