EUR/JPY technical analysis: Multi-day descending channel limits recovery towards 200-HMA


  • 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

Trend: Bearish

additional important levels

Overview
Today last price 121.83
Today Daily Change 15 pips
Today Daily Change % 0.12%
Today daily open 121.68
 
Trends
Daily SMA20 122.27
Daily SMA50 123.7
Daily SMA100 124.54
Daily SMA200 126.38
Levels
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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