EUR/JPY technical analysis: Buyers lurk around 23.6% Fibo. amid bullish RSI divergence

EUR/JPY refrains from declining below 23.6% Fibonacci retracement of the current month upside.
Buyers await noticeable recovery to cheer bullish RSI divergence on the H4 chart.

Anil Panchal FXStreet

With the bullish RSI divergence on the four-hour chart (H4), EUR/JPY seesaws around 120.50 by the press time of Monday’s Asian session.

The quote repeatedly bounces off 23.6% Fibonacci retracement of the current month’s upside, which in turn portrays a bullish divergence considering the lower low formation of the price and a higher figure of 14-bar Relative Strength Index (RSI).

As a result, buyers await strong recovery, maybe beyond the latest top near 120.80, to target the monthly top close to 121.50.

On the contrary, the pair’s sustained declines below 23.6% Fibonacci retracement level of 120.40 makes it vulnerable to revisit 120.00.

However, 200-bar Simple Moving Average (SMA) near 119.00 could restrict the quote’s further south-run, if not then 61.8% Fibonacci retracement of 118.74 and late-September high surrounding 118.50 becomes the key for sellers to watch.

EUR/JPY 4-hour chart

Trend: bullish

additional important levels

Overview
Today last price	120.49
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	120.44

Trends
Daily SMA20	119.23
Daily SMA50	118.58
Daily SMA100	119.74
Daily SMA200	122.19

Levels
Previous Daily High	120.81
Previous Daily Low	120.34
Previous Weekly High	121.48
Previous Weekly Low	120.34
Previous Monthly High	120.01
Previous Monthly Low	115.86
Daily Fibonacci 38.2%	120.52
Daily Fibonacci 61.8%	120.63
Daily Pivot Point S1	120.25
Daily Pivot Point S2	120.07
Daily Pivot Point S3	119.79
Daily Pivot Point R1	120.72
Daily Pivot Point R2	121
Daily Pivot Point R3	121.18

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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