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. 

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

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