EUR/JPY technical analysis: Pulls back from 100-hour EMA

EUR/JPY holds its weakness below a short-term key moving average.
The four-day-long descending trend-line, 200-hour EMA adds to resistance.

Anil Panchal FXStreet

EUR/JPY registers another failure to cross 100-hour exponential moving average (EMA) as it declines to 118.08 during early Asian morning on Monday.

Not only 100-hour EMA level of 118.15 but a four-day long downward sloping trend-line, at 118.36 and 200-hour EMA near 118.45 also limit the pair’s short-term upside.

As a result, bulls targeting a return of 119.00, 119.60 and 120.00 should wait for a sustained break of aforementioned levels.

Until then, 117.80 and the latest low close to 117.50 could be on the lookout for sellers ahead of targeting further lows of 2017.

EUR/JPY hourly chart

Trend: Pullback expected

1. R3 118.84
2. R2 118.51
3. R1 118.24
PP 117.91
1. S1 117.64
2. S2 117.31
3. S3 117.04

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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