EUR/JPY technical analysis: Drops to 50-day MA support

  • 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

Daily chart

Trend: Bearish

Technical levels


Today last price 119.01
Today Daily Change -0.61
Today Daily Change % -0.51
Today daily open 119.62
Daily SMA20 118.12
Daily SMA50 119.11
Daily SMA100 120.75
Daily SMA200 123.09
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.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD catches fresh bids, regains1.3400 ahead of UK PMIs

GBP/USD sees a fresh leg higher in early European trading, as the bulls take out the 1.34 handle amid growing optimism over a speedy and soft Brexit. The focus remains on the UK Markit Preliminary PMIs ahead of BOE.


EUR/USD: Bulls look to test 200-DMA ahead of Eurozone PMIs

EUR/USD edges a few pips higher towards the 200-DMA located at 1.1153 ahead of the German and Eurozone Preliminary Manufacturing and Services PMI reports. Better-than-expected German PMI is needed to avoid a bearish close.


Forex Today: Caution over deal details offset better China data; Brexit optimism, PMIs to dominate

Despite both sides agreeing on the Phase One trade deal on Friday, markets traded with caution, as they remained sceptical over the details of the deal that appear murky.

Read more

Gold: Flatlined after the biggest weekly gain since September

Gold is lacking a clear directional bias in Asia, having eked out its biggest weekly gain in nearly three months. The yellow metal is currently trading at $1,474 per Oz, representing little or no change on the day.

Gold News

USD/JPY clings to modest gains, just below mid-109.00s

The USD/JPY pair edged higher on the first day of a new trading week, albeit lacked any strong follow-through and remained well within the previous session's trading range.