|

EUR/JPY Technical Analysis: Potential for extra downside in the near term

  • EUR/JPY dropped and tested fresh lows in the 122.00 neighbourhood on Wednesday following renewed weakness around the European currency and a pick up in risk-off sentiment.
  • As long as the multi-month resistance line at 125.92 caps the upside, the outlook on the cross should remain negative and a visit to lower levels is expected to remain on the table for the time being.
  • Occasional bullish attempts should meet interim resistance at the 10-day SMA at 123.24 ahead of the 21-day SMA at 124.21.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price122.67
Today Daily Change26
Today Daily Change %-0.07
Today daily open122.76
 
Trends
Daily SMA20124.31
Daily SMA50124.99
Daily SMA100125.05
Daily SMA200127.02
Levels
Previous Daily High123.1
Previous Daily Low122.07
Previous Weekly High124.33
Previous Weekly Low122.48
Previous Monthly High126.86
Previous Monthly Low124.04
Daily Fibonacci 38.2%122.46
Daily Fibonacci 61.8%122.7
Daily Pivot Point S1122.19
Daily Pivot Point S2121.62
Daily Pivot Point S3121.16
Daily Pivot Point R1123.21
Daily Pivot Point R2123.67
Daily Pivot Point R3124.24

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

More from Pablo Piovano
Share:

Editor's Picks

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus. 

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling. 

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.