EUR/JPY Technical Analysis: Upside favored after range breakout

Omkar Godbole FXStreet Contributor

The EUR/JPY pair closed yesterday at 125.04, confirming a bullish break of the recent narrowing price range. The immediate outlook, therefore, is bullish.

Daily Chart

As seen above, the range breakout is backed by the ascending 5- and 10-day moving averages (MAs) and the positive reading on the MACD (moving average convergence divergence) forest. The RSI, however, is still holding below 50.00.

The bullish setup would gain credence if the preliminary German CPI, due for release at 13:00 GMT, beats estimates, dashing hopes of a near-term dovish change in ECB's forward guidance. In that case, the pair could find acceptance above 125.27 (61.8% Fib R of 129.25/118.82) and rise toward 126.00.

A fall back inside the narrowing range would neutralize the bullish view.

Trend: Bullish

EUR/JPY

Overview:
    Today Last Price: 125.12
    Today Daily change: 10 pips
    Today Daily change %: 0.08%
    Today Daily Open: 125.02
Trends:
    Daily SMA20: 124.37
    Daily SMA50: 126.45
    Daily SMA100: 128.14
    Daily SMA200: 128.73
Levels:
    Previous Daily High: 125.25
    Previous Daily Low: 124.68
    Previous Weekly High: 125.32
    Previous Weekly Low: 123.78
    Previous Monthly High: 129.3
    Previous Monthly Low: 125.36
    Daily Fibonacci 38.2%: 125.03
    Daily Fibonacci 61.8%: 124.9
    Daily Pivot Point S1: 124.72
    Daily Pivot Point S2: 124.41
    Daily Pivot Point S3: 124.15
    Daily Pivot Point R1: 125.28
    Daily Pivot Point R2: 125.55
    Daily Pivot Point R3: 125.85

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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