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


Today last price 125.78
Today Daily Change 0.03
Today Daily Change % 0.02
Today daily open 125.75
Daily SMA20 125.24
Daily SMA50 125.53
Daily SMA100 125.74
Daily SMA200 127.58
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

Latest Forex News

Editors’ Picks

Bears ignore Aussie holidays, cheer coronavirus news at fresh multi-week low near 0.6815

AUD/USD drops to 0.6814, with an intra-day low of 0.6811, during the early Monday morning in Asia. The fears of China’s coronavirus outbreak are dominating the market’s risk sentiment off-late.


USD/JPY: Coronavirus bearish gap breaks below 109

USD/JPY has dropped heavily in the open, breaking below the 109 handle to print a fresh low of 108.88 as traders prepare for a risk-off week when considering the implications of the Coronavirus. 


Are you anxious about Coronavirus? Well, so are the markets

There's so much we don't know about Coronavirus, which increases the level of concern from public health officials, you & I as well as the markets and we can expect a risk-off start to the week ahead of a pretty major schedule.

Read more

Gold rebounds above $1560

The XAU/USD pair dropped to a daily low of $1556.70 during the European trading hours as the easing worries over coronavirus becoming a global epidemic and a broad-based USD strength put the pair under bearish pressure.

Gold News

GBP ends week on a weak note despite upbeat PMI data

The GBP/USD pair spiked to its highest level since January 7th at 1.3174 on Friday with the initial reaction to the upbeat PMI data from the UK. The pair could remain choppy ahead of BoE’s policy decision.