EUR/JPY Technical Analysis: Falling channel breakout on hourly chart

Omkar Godbole FXStreet Contributor

The EUR/JPY pair is currently trading at 125.05 and could soon rise to 125.20-125.25, as the hourly chart is reporting a falling channel breakout.

Notably, that breakout is backed by the bullish crossover between the 50- and 200-hour moving averages (MAs).

Hourly chart

Trend: bullish

1. R3 125.95
2. R2 125.75
3. R1 125.4
PP 125.2
1. S1 124.85
2. S2 124.65
3. S3 124.3

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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