EUR/JPY Technical Analysis: Stages a goodish rebound from over 1-month-old trading range support
• The cross stalled the post-ECB rejection slide from 100-day SMA and once again managed to find decent support near the lower end of over one-month-old trading range.
• A breakthrough 50-hour SMA was seen as a key trigger for intraday bullish traders and behind the pair's latest leg of a sudden pick up during the early European trading session.
• Technical indicators on the 1-hourly chart have been gaining positive traction and remained supportive of the positive momentum, helping snap three days of losing streak.
• However, oscillators on 4-hourly/daily charts remain in the bearish territory and hence, the current bounce runs the risk of fizzling out amid global growth concerns.
EUR/JPY daily chart
Today Last Price: 128.12
Today Daily change: 21 pips
Today Daily change %: 0.164%
Today Daily Open: 127.91
Previous Daily SMA20: 128.53
Previous Daily SMA50: 128.72
Previous Daily SMA100: 129.15
Previous Daily SMA200: 129.68
Previous Daily High: 128.25
Previous Daily Low: 127.64
Previous Weekly High: 129.27
Previous Weekly Low: 127.98
Previous Monthly High: 130.16
Previous Monthly Low: 127.5
Previous Daily Fibonacci 38.2%: 127.87
Previous Daily Fibonacci 61.8%: 128.02
Previous Daily Pivot Point S1: 127.62
Previous Daily Pivot Point S2: 127.32
Previous Daily Pivot Point S3: 127.01
Previous Daily Pivot Point R1: 128.23
Previous Daily Pivot Point R2: 128.54
Previous Daily Pivot Point R3: 128.84