- Break of immediate channel resistances opens the gate to the fresh upside towards 200-HMA.
- Pullbacks can highlight 61.8% Fibo. for sellers.
Despite bouncing off 61.8% Fibonacci retracement of current month upside, the EUR/JPY pair struggles with the short-term descending trend-channel resistance while trading near 121.85 during early Monday.
As a result, pair’s pullback to 121.70 mark comprising 61.8% Fibonacci retracement and then to the latest low near 121.59 can’t be denied. However, support-line of the channel at 121.41 could question further declines.
In a case where prices slip under 121.41, 121.25 and present month bottom around 120.78 could flash on bears’ radar.
Meanwhile, pair’s sustained a break of channel resistance figure of 121.91 can trigger its fresh upside to 122.10 ahead of aiming the 200-hour moving average (200-HMA) level of 122.30.
Should there be further upside past-122.30, 23.6% Fibonacci retracement near 122.61 and latest top near 123.18 could become bulls’ favorites.
EUR/JPY hourly chart
additional important levels
|Today last price||121.83|
|Today Daily Change||15 pips|
|Today Daily Change %||0.12%|
|Today daily open||121.68|
|Previous Daily High||122.3|
|Previous Daily Low||121.58|
|Previous Weekly High||123.18|
|Previous Weekly Low||121.58|
|Previous Monthly High||125.24|
|Previous Monthly Low||120.92|
|Daily Fibonacci 38.2%||121.86|
|Daily Fibonacci 61.8%||122.02|
|Daily Pivot Point S1||121.41|
|Daily Pivot Point S2||121.14|
|Daily Pivot Point S3||120.7|
|Daily Pivot Point R1||122.12|
|Daily Pivot Point R2||122.56|
|Daily Pivot Point R3||122.83|
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