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.
Trend: Bearish below 125.60
|Today last price||125.78|
|Today Daily Change||0.03|
|Today Daily Change %||0.02|
|Today daily open||125.75|
|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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