- 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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.