EUR/JPY Technical Analysis: Break of 4-week old trend-line highlights 125.00/124.95 support

Anil Panchal FXStreet

EUR/JPY is trading near 125.50 during early Wednesday. The quote dropped below four-week-old ascending trend-line on Tuesday and on the decline since then, indicating brighter chances of flashing 125.00 – 124.95 area again on the chart.

Should the quote drops beneath 124.95, there are multiple supports between 124.60 and 124.40 whereas 124.00 can please sellers then after.

In a case where prices decline below 124.00, 123.80 and 123.60 could flash on the Bears’ radar ahead of aiming 123.00.

On the upside, 125.60 and immediate descending trend-line at 125.85 can keep limiting the pair’s advances, a break of which may escalate the recovery to 126.30.

However, 126.75/80 is a tough resistance-zone past-126.30 which if broken could propel the quote towards 61.8% Fibonacci expansion (FE) of its recent moves near 127.25.

EUR/JPY 4-Hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	125.53
Today Daily Change	-6 pips
Today Daily Change %	-0.05%
Today daily open	125.59

Trends
Daily SMA20	125.45
Daily SMA50	125.6
Daily SMA100	125.66
Daily SMA200	127.5

Levels
Previous Daily High	126.07
Previous Daily Low	125.28
Previous Weekly High	126.86
Previous Weekly Low	125.64
Previous Monthly High	127.52
Previous Monthly Low	123.64
Daily Fibonacci 38.2%	125.58
Daily Fibonacci 61.8%	125.77
Daily Pivot Point S1	125.22
Daily Pivot Point S2	124.85
Daily Pivot Point S3	124.43
Daily Pivot Point R1	126.01
Daily Pivot Point R2	126.44
Daily Pivot Point R3	126.81

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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