EUR/JPY Technical Analysis: Nears key 38.2% Fib support with biggest single-day drop since March 22


EUR/JPY fell 0.67 percent yesterday, the biggest single-day decline since March 22, neutralizing the bullish view put forward by the falling channel breakout on April 12. 

With the shape slide, the pair has inched very close to 125.60, which is the 38.2 percent Fibonacci retracement of the rally from 123.65 to 126.81. The 38.2% and 61.8% Fib retracements are widely considered as strong technical levels by traders. 

A break below 125.60, therefore, could invite selling pressure, leading to a deeper drop to 124.78 (April 10 low). 

A close above 126.81 is needed to revive the bullish outlook.

As of writing, the pair is trading at 125.75, having clocked a session high of 125.85 earlier today. The Bank of Japan trimmed its routine purchases of long-dated bonds today, so far, the central bank's move has not had any impact on the JPY pairs. 

Daily chart

Trend: Bearish below 125.60

EUR/JPY

Overview
Today last price 125.78
Today Daily Change 0.03
Today Daily Change % 0.02
Today daily open 125.75
 
Trends
Daily SMA20 125.24
Daily SMA50 125.53
Daily SMA100 125.74
Daily SMA200 127.58
Levels
Previous Daily High 126.62
Previous Daily Low 125.64
Previous Weekly High 126.78
Previous Weekly Low 124.78
Previous Monthly High 127.52
Previous Monthly Low 123.64
Daily Fibonacci 38.2% 126.02
Daily Fibonacci 61.8% 126.25
Daily Pivot Point S1 125.39
Daily Pivot Point S2 125.03
Daily Pivot Point S3 124.41
Daily Pivot Point R1 126.37
Daily Pivot Point R2 126.99
Daily Pivot Point R3 127.35

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD capped under 1.13 as Lagarde hints at inaction

EUR/USD is trading below 1.13, steady. ECB President Lagarde hinted she will pause in next week's decision while urging leaders to agree on fiscal stimulus. US coronavirus data and Sino-American relations are eyed.

EUR/USD News

Gold: Bulls await fresh impetus to conquer $1800

The flight to safety theme, in the face of rising coronavirus cases and regional lockdowns globally, drove Gold drove to its highest level since November 2011 just below the $1800 mark. Will it conquer the key level in the day ahead? 

Gold News

GBP/USD holds up around 1.2550 ahead of Sunak's speech

GBP/USD is trading around 1.2550, holding onto its gains. UK Chancellor Sunak is set to lay out the fiscal stimulus plan. Brexit remains deadlocked as PM Johnson told German Chancellor Merkel that Britain could leave without a deal.

GBP/USD News

Forex Today: Gold eyeing $1,800, dollar mixed, as coronavirus, Hong Kong peg move markets

Markets are looking for a new direction after stocks retreated and the dollar gained some ground on Tuesday. Concerns about coronavirus cases in the US and geopolitical tensions are in play.

Read more

WTI looks for a firm direction below $41.00, EIA inventories eyed

WTI recedes from intraday top while also keeping the bounce off daily low near $40.30. Global pressure on China, coronavirus resurgence keeps a lid on the blackgold. European oil giant follows BP and Shell to cut price forecast. EIA Crude Oil Stocks expected to drop 3.4M versus prior fall of 7.195M.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures