- 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|
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