EUR/JPY technical analysis: Reversal from 12-day top signals 200-HMA re-test

Failure to cross mid-month high, overbought RSI triggered EUR/JPY declines.
200-HMA, 38.2% Fibonacci retracement confluence can question the latest downpour amid RSI drop.

Anil Panchal FXStreet

Having failed to clear the late-June 13 top drags the EUR/JPY pair to short-term key support confluence as it takes the rounds to 121.95 ahead of the European open on Tuesday.

While 200-hour moving average (200-HMA) and 38.2% Fibonacci retracement of recent declines strengthens the 121.80 mark as a support confluence, pair’s further downside is less likely considering expected stabilization past steep drop in the 14-bar relative strength index.

Should bears refrain from respecting 121.80 rest-point, 121.30 and 121.00 could be next on their radar.

Alternatively, 122.21 and aforementioned horizontal-line near 122.48 could keep restricting the pair near-term upside.

Also, a successful break of 122.48 enables buyers to aim for 122.73 and month’s top close to 123.18.

EUR/JPY hourly chart

Trend: Bearish

1. R3 122.89
2. R2 122.65
3. R1 122.48
PP 122.23
1. S1 122.06
2. S2 121.82
3. S3 121.65

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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