EUR/JPY Technical Analysis: Recovery remains capped near 100-hour SMA/50% Fibo. confluence hurdle

Haresh Menghani FXStreet

• The cross struggled to build on last week's late rebound from flash crash lows and remained capped below an important confluence region, around the 124.00 handle.

• The mentioned barrier comprises of 100-hour SMA and 50% Fibo. retracement level of the pair's recent rejection slide from 100-day SMA to last week's over eight-month lows.

• Technical indicators on the -hourly chart have managed to hold in the positive territory but are yet to gain traction on 4-hourly/daily charts, warranting caution for bullish traders.

• Hence, it would be prudent to wait for a strong follow-through buying beyond the 124.00 handle before traders start positioning for any further near-term appreciating move.

EUR/JPY 1-hourly chart

EUR/JPY

Overview:
    Today Last Price: 123.64
    Today Daily change: -4.0 pips
    Today Daily change %: -0.0323%
    Today Daily Open: 123.68
Trends:
    Previous Daily SMA20: 126.67
    Previous Daily SMA50: 127.86
    Previous Daily SMA100: 128.89
    Previous Daily SMA200: 129.35
Levels:
    Previous Daily High: 123.87
    Previous Daily Low: 122.49
    Previous Weekly High: 127.07
    Previous Weekly Low: 118.84
    Previous Monthly High: 129.3
    Previous Monthly Low: 125.36
    Previous Daily Fibonacci 38.2%: 123.34
    Previous Daily Fibonacci 61.8%: 123.02
    Previous Daily Pivot Point S1: 122.82
    Previous Daily Pivot Point S2: 121.97
    Previous Daily Pivot Point S3: 121.44
    Previous Daily Pivot Point R1: 124.2
    Previous Daily Pivot Point R2: 124.73
    Previous Daily Pivot Point R3: 125.58

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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