- EUR/JPY is flirting with 50-day MA support amid the drop in the S&P 500 futures.
- Bulls need a break above the trendline sloping downwards from April highs.
EUR/JPY fell to the 50-day moving average (MA) support of 119.04 soon before press time, having faced rejection at the resistance of the trendline connecting April 17 and July 1 highs in the early Asian trading hours.
As of writing, the pair is trading at 119.14, representing 0.40% losses on the day.
The pair has failed at least three times in the last four days to take out the descending trendline
That has strengthened the case for a convincing break below 119.04 and a deeper drop to 118.69 (Sept. 16 low).
On the higher side, a convincing daily close above the descending trendline is needed to confirm a bullish reversal.
The bullish breakout, however, may remain elusive, as the US equity futures are flashing signs of risk aversion. As of writing, the futures on the S&P 500 are down 030%. So, the anti-risk Japanese Yen will likely remain better bid during the day ahead.
Moreover, the Bank of Japan (BOJ) kept key policy tools unchanged a few minutes before press time, leaving the JPY pairs at the mercy of the broader market sentiment.
|Today last price||119.01|
|Today Daily Change||-0.61|
|Today Daily Change %||-0.51|
|Today daily open||119.62|
|Previous Daily High||119.83|
|Previous Daily Low||119.27|
|Previous Weekly High||120.01|
|Previous Weekly Low||117.54|
|Previous Monthly High||120.72|
|Previous Monthly Low||116.57|
|Daily Fibonacci 38.2%||119.48|
|Daily Fibonacci 61.8%||119.62|
|Daily Pivot Point S1||119.32|
|Daily Pivot Point S2||119.01|
|Daily Pivot Point S3||118.76|
|Daily Pivot Point R1||119.88|
|Daily Pivot Point R2||120.14|
|Daily Pivot Point R3||120.44|
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