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.

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
  1. PP 122.23
    1. S1 122.06
    2. S2 121.82
    3. S3 121.65


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD under pressure just above 1.1000

Despite easing demand for the greenback, the EUR/USD pair remained subdued, holding just above the 1.1000f figure. Speculative interest waiting for a catalyst.



GBP/USD surges on renewed Brexit hopes

The Sterling beat all of its rivals after Brexit Party’s leader, Nigel Farage, expressed support for Conservatives. Brexit deal coming post-elections?


USD/JPY trims losses, rises back above 109.00

The USD/JPY pair trimmed losses over the last hours amid a recovery of the US dollar and despite the decline in equity prices in Wall Street.


Gold rebounds from multi-month lows, trades around $1,455

After posting its largest weekly percentage drop of the year and erasing more than $50, the troy ounce of the precious metal remained under pressure on Monday with the XAU/USD pair slumping to its lowest level since early August at $1,452.

Gold News

Central bankers link the future to blockchain projects

The race towards the tokenization of sovereign currencies has begun a long time ago, but it finally enjoying its time in the sun. China has announced its intention to create an e-Yuan, and also in Europe, institutions are considering the matter.

Read more