EUR/JPY Technical Analysis: Short-term bias still bullish but momentum eases

The euro is rising for the second day in a row against the yen but retreated significantly from the top, signaling difficulties to the upside.
The move higher lost strength slightly below 130.00 and a consolidation on top would clear the way to more gains. Before that level, it needs to break and hold above 129.75.
The current short-term bias is not clear, the key support is seen around 128.75 (20-SMA in 4 hour chart) and then at 128.50 (also the 20-day moving average). A daily close under 128.50 would increase the odds of a test of 128.00 and of September lows at 127.84.

Matías Salord FXStreet

EUR/JPY 4 hour chart

Spot rate: 129.23
High: 129.80
Low: 128.75

Trend: Sideways

Resistance 1: 129.45
Resistance 2: 129.75
Resistance 3: 130.00

Support 1: 128.75 (Sep 11 low)
Support 2: 128.30 (Sep 4 low)
Support 3: 128.00

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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