EUR/JPY Technical Analysis: Immediate support line challenges sellers around 124.30

Extending its gradual declines from 125.94, the EUR/JPY pair presently tests the short-term ascending support-line, at 124.30, on early Friday.
The pair needs to provide a decisive break under 124.30 in order to further decline to 123.80 and then to a mid-January low around 123.40.
Given the pair’s sustained downturn past-123.40, 122.80, 122.00 and 121.25 could entertain the bears.
Meanwhile, nearby descending trend-line, at 124.70, acts as adjacent resistance for the pair, a break of which can trigger its recovery to 125.30.
During the pair’s additional rise beyond 125.30, the 125.79-125.93 region comprising December lows and February high seem strong resistance.

Anil Panchal FXStreet

EUR/JPY 4-Hour chart

EUR/JPY

Overview:
    Today Last Price: 124.43
    Today Daily change: -18 pips
    Today Daily change %: -0.14%
    Today Daily Open: 124.61
Trends:
    Daily SMA20: 124.73
    Daily SMA50: 125.95
    Daily SMA100: 127.74
    Daily SMA200: 128.48
Levels:
    Previous Daily High: 125.07
    Previous Daily Low: 124.34
    Previous Weekly High: 125.74
    Previous Weekly Low: 124.36
    Previous Monthly High: 127.07
    Previous Monthly Low: 118.84
    Daily Fibonacci 38.2%: 124.62
    Daily Fibonacci 61.8%: 124.79
    Daily Pivot Point S1: 124.28
    Daily Pivot Point S2: 123.94
    Daily Pivot Point S3: 123.54
    Daily Pivot Point R1: 125.01
    Daily Pivot Point R2: 125.41
    Daily Pivot Point R3: 125.74

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.

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1870 during the Asian hours on Friday. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming steady momentum. RSI has eased but remains above 50, indicating momentum remains constructive for the bulls.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold: Will US CPI data trigger a range breakout?

Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.

Bitcoin, Ethereum and Ripple stay weak as bearish momentum persists

Bitcoin, Ethereum and Ripple remain under pressure, extending losses of over 5%, 6% and 4%, respectively, so far this week. BTC trades below $67,000 while ETH and XRP correct after facing rejection around key levels. With bearish momentum persisting and prices staying weak, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.