EUR/JPY Technical Analysis: Bear MA crossover favors downside break of a rising channel

The EUR/JPY is better bid at 128.78, having witnessed a falling channel breakout on the hourly chart yesterday. The cross has also charted a rising channel on the hourly chart.
Further gains may not materialize, as the daily moving averages are biased toward bears. For instance, the 5- and 10-day SMAs have produced bearish crossover. Meanwhile, the hourly chart is reporting a bearish crossover between the 10- and 200-hour SMAs.
The recent low of 127.50 could be put to test if the rising channel seen in the hourly chart is breached to the downside.

Omkar Godbole FXStreet Contributor

Hourly Chart

Daily Chart

EUR/JPY

Overview:
    Last Price: 128.78
    Daily change: 38 pips
    Daily change: 0.296%
    Daily Open: 128.4
Trends:
    Daily SMA20: 128.7
    Daily SMA50: 129.88
    Daily SMA100: 129.52
    Daily SMA200: 130.15
Levels:
    Daily High: 128.78
    Daily Low: 127.5
    Weekly High: 130.16
    Weekly Low: 128.6
    Monthly High: 132.49
    Monthly Low: 126.63
    Daily Fibonacci 38.2%: 128.29
    Daily Fibonacci 61.8%: 127.98
    Daily Pivot Point S1: 127.67
    Daily Pivot Point S2: 126.94
    Daily Pivot Point S3: 126.39
    Daily Pivot Point R1: 128.95
    Daily Pivot Point R2: 129.5
    Daily Pivot Point R3: 130.23

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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