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EUR/JPY Technical Analysis: Remains capped below 100-day SMA post-Draghi

   •  The cross faced rejection near 100-day SMA and erased daily gains following a downward revision of the ECB's growth/inflation forecasts.

   •  The said barrier coincides with the top end of a one-month-old trading range, constituting towards the formation of a rectangle on the daily chart.

   •  A rectangle is usually seen a continuation pattern that suggests a pause in the trend - bearish in this case, but sometimes mark significant trend tops/bottoms.

   •  Meanwhile, technical indicators on the mentioned chart are hovering in the neutral zone and haven't been supportive of any firm near-term direction.

   •  Hence, it would be prudent to wait for a breakthrough the mentioned range before traders start positioning for the pair's next leg of a directional move.
 

EUR/JPY daily chart

EUR/JPY

Overview:
    Today Last Price: 128.8
    Today Daily change: 10 pips
    Today Daily change %: 0.0777%
    Today Daily Open: 128.7
Trends:
    Previous Daily SMA20: 128.6
    Previous Daily SMA50: 128.9
    Previous Daily SMA100: 129.21
    Previous Daily SMA200: 129.75
Levels:
    Previous Daily High: 128.88
    Previous Daily Low: 128.29
    Previous Weekly High: 129.3
    Previous Weekly Low: 127.61
    Previous Monthly High: 130.16
    Previous Monthly Low: 127.5
    Previous Daily Fibonacci 38.2%: 128.65
    Previous Daily Fibonacci 61.8%: 128.52
    Previous Daily Pivot Point S1: 128.37
    Previous Daily Pivot Point S2: 128.03
    Previous Daily Pivot Point S3: 127.78
    Previous Daily Pivot Point R1: 128.96
    Previous Daily Pivot Point R2: 129.21
    Previous Daily Pivot Point R3: 129.55

 

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