EUR/JPY technical analysis: Upside limited by 122.85 resistance-confluence

Near-term trend-line confluence can limit the upside.
Adjacent support-line may question declines.

Anil Panchal FXStreet

Despite being on the bids around 122.75 during early Monday, the EUR/JPY pair is likely finding hard to extend the latest advances.

The reason being 122.85 resistance-confluence that comprises of near-term descending and horizontal trend-lines.

Should there be additional upside past-122.85, pair’s rise to 61.8% Fibonacci retracement level near 123.15 can’t be denied.

If at all bulls continue dominating trade sentiment above 123.15, 123.55 and the latest high near 123.75 could be of importance to watch.

Meanwhile, 122.60 and immediate upward sloping trend-line at 122.40 may limit the quote’s nearby declines.

In a case where prices slip under 122.40, 122.25 and 122.00 might come back on the chart.

EUR/JPY hourly chart

Trend: Bearish

1. R3 123.19
2. R2 123.01
3. R1 122.73
PP 122.55
1. S1 122.27
2. S2 122.09
3. S3 121.81

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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