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

Today last price 122.12
Today Daily Change -9 pips
Today Daily Change % -0.07%
Today daily open 122.21
Daily SMA20 122.33
Daily SMA50 123.77
Daily SMA100 124.58
Daily SMA200 126.42
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



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