- EUR/JPY has found acceptance above a key trendline from April highs.
- The breakout is backed by bullish readings on key indicators.
- The pair could challenge the 50-day moving average hurdle in the short term.
EUR/JPY is looking north, having found acceptance above key falling trendline resistance.
The pair jumped 0.76% on Thursday, confirming an upside break of the trendline connecting April 17 and July 1 highs.
The breakout validates the bullish higher low of 117.07 created on Oct. 7 and indicates the path of least resistance is to the higher side.
The breakout is also backed by a bullish crossover on the MACD histogram and ascending 5- and 10-day moving averages.
As a result, a convincing break above 119.00 could be in the offing. On the higher side, key resistance is seen at 119.86 (50-day moving average).
The bullish outlook would be invalidated if the pair falls back below the trendline. That could happen if the ongoing US-China trade talks end on a sour note, triggering a flight to safety. As of writing, the pair is trading at 118.94, representing marginal gains on the day.
|Today last price||118.94|
|Today Daily Change||0.17|
|Today Daily Change %||0.14|
|Today daily open||118.78|
|Previous Daily High||118.96|
|Previous Daily Low||117.56|
|Previous Weekly High||118.2|
|Previous Weekly Low||117.07|
|Previous Monthly High||120.01|
|Previous Monthly Low||115.86|
|Daily Fibonacci 38.2%||118.42|
|Daily Fibonacci 61.8%||118.1|
|Daily Pivot Point S1||117.91|
|Daily Pivot Point S2||117.04|
|Daily Pivot Point S3||116.52|
|Daily Pivot Point R1||119.3|
|Daily Pivot Point R2||119.82|
|Daily Pivot Point R3||120.69|
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.