EUR/JPY Technical Analysis: Bears now eyeing a retest of 1-month old trading range support near 127.60
• The pair extended overnight rejection slide from 100-day SMA and dropped to fresh weekly lows, around the 128.00 handle on dismal Euro-zone PMI prints.
• The mentioned hurdle coincides with the top end of a broader trading range, held over the past one month or so and forming a rectangle on the daily chart.
EUR/JPY daily chart
• Adding to this, a pickup in the JPY's safe-haven demand, amid the prevalent risk-off mood, further collaborated to the pair's sharp intraday downfall.
• A decisive breakthrough 100-hour SMA was seen as a key trigger for bearish traders, though oversold conditions on the 1-hourly chart might help limit losses.
• Meanwhile, technical indicators on 4-hourly/daily charts have just started gaining negative momentum and thus, increase prospects for an extension of the ongoing slide.
• Hence, a follow-through weakness, towards challenging the one-month-old trading range, around the 127.65-60 region, now looks a distinct possibility.
Today Last Price: 128.18
Today Daily change: -91 pips
Today Daily change %: -0.705%
Today Daily Open: 129.09
Previous Daily SMA20: 128.62
Previous Daily SMA50: 128.86
Previous Daily SMA100: 129.21
Previous Daily SMA200: 129.73
Previous Daily High: 129.27
Previous Daily Low: 128.58
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%: 129.01
Previous Daily Fibonacci 61.8%: 128.84
Previous Daily Pivot Point S1: 128.69
Previous Daily Pivot Point S2: 128.29
Previous Daily Pivot Point S3: 128
Previous Daily Pivot Point R1: 129.38
Previous Daily Pivot Point R2: 129.67
Previous Daily Pivot Point R3: 130.08