EUR/JPY Technical Analysis: Bullish outlook but consolidation likely before another leg higher

  • The euro strengthened today after breaking the 124.90 resistance level and gained momentum. The rally was capped below 125.30. Ahead of the Asian session is trading between 125.15 and 125.30, consolidating after the strong rally. 
  • A pullback to 125.10 could be seen before another leg higher. The next short-term resistance is seen at 125.40. 

EUR/JPY 15-minute chart

EUR/JPY

  • The EUR/JPY rose today back above the 21-day moving average adding more support to the euro. The outlook favors the upside while above 124.70. If it rises above 125.40, the next target is likely to be the 55-MA and February highs around 125.80/90. 
  • On the downside, a breakout below 124.20/30 would clear the way to more losses. 

EUR/JPY Daily Chart

EUR/JPY

 

EUR/JPY

Overview:
    Today Last Price: 125.24
    Today Daily change: 0.74 pips
    Today Daily change %: 0.59%
    Today Daily Open: 124.5
Trends:
    Daily SMA20: 124.74
    Daily SMA50: 125.78
    Daily SMA100: 127.59
    Daily SMA200: 128.42
Levels:
    Previous Daily High: 124.88
    Previous Daily Low: 124.19
    Previous Weekly High: 125.96
    Previous Weekly Low: 124.16
    Previous Monthly High: 127.07
    Previous Monthly Low: 118.84
    Daily Fibonacci 38.2%: 124.62
    Daily Fibonacci 61.8%: 124.45
    Daily Pivot Point S1: 124.16
    Daily Pivot Point S2: 123.83
    Daily Pivot Point S3: 123.47
    Daily Pivot Point R1: 124.85
    Daily Pivot Point R2: 125.21
    Daily Pivot Point R3: 125.54

 

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