|

EUR/JPY Technical Analysis: Upside capped by the resistance line at 126.68

  • The cross is extending the promising start of the week and is now regaining the mid-124.00s after bottoming out in the 123.85/80 band on Friday.
  • Initial target on the upside emerges at t he 55-day SMA at 125.23 ahead of the 100-day SMA at 126.35.
  • While below the short-term resistance line, today at 126.68, EUR/JPY is expected to remain under further downside pressure.

EUR/JPY  daily chart

EUR/JPY

Overview
Today last price124.56
Today Daily Change47
Today Daily Change %0.14
Today daily open124.39
 
Trends
Daily SMA20125.92
Daily SMA50125.33
Daily SMA100126.36
Daily SMA200127.91
 
Levels
Previous Daily High124.82
Previous Daily Low123.88
Previous Weekly High126.79
Previous Weekly Low123.82
Previous Monthly High126.92
Previous Monthly Low124.16
Daily Fibonacci 38.2%124.46
Daily Fibonacci 61.8%124.24
Daily Pivot Point S1123.91
Daily Pivot Point S2123.42
Daily Pivot Point S3122.97
Daily Pivot Point R1124.85
Daily Pivot Point R2125.31
Daily Pivot Point R3125.79

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

More from Pablo Piovano
Share:

Editor's Picks

EUR/USD stays below 1.1850 after dismal German sentiment data

EUR/USD stays in negative territory below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February. 

GBP/USD falls toward 1.3550, pressured by weak UK jobs report

GBP/USD remains under bearish pressure and extends its decline below 1.3600 on Tuesday. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Canada CPI expected to show sticky inflation in January, still above BoC’s target

Economists see the headline CPI rising by 2.4% in a year to January, still above the BoC’s target and matching December’s increase. On a monthly basis, prices are expected to rise by 0.1%.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months. 

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.