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

 

 

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