EUR/JPY Technical Analysis: Recovery remains capped near 100-hour SMA/50% Fibo. confluence hurdle
• The cross struggled to build on last week's late rebound from flash crash lows and remained capped below an important confluence region, around the 124.00 handle.
• The mentioned barrier comprises of 100-hour SMA and 50% Fibo. retracement level of the pair's recent rejection slide from 100-day SMA to last week's over eight-month lows.
• Technical indicators on the -hourly chart have managed to hold in the positive territory but are yet to gain traction on 4-hourly/daily charts, warranting caution for bullish traders.
• Hence, it would be prudent to wait for a strong follow-through buying beyond the 124.00 handle before traders start positioning for any further near-term appreciating move.
EUR/JPY 1-hourly chart
Today Last Price: 123.64
Today Daily change: -4.0 pips
Today Daily change %: -0.0323%
Today Daily Open: 123.68
Previous Daily SMA20: 126.67
Previous Daily SMA50: 127.86
Previous Daily SMA100: 128.89
Previous Daily SMA200: 129.35
Previous Daily High: 123.87
Previous Daily Low: 122.49
Previous Weekly High: 127.07
Previous Weekly Low: 118.84
Previous Monthly High: 129.3
Previous Monthly Low: 125.36
Previous Daily Fibonacci 38.2%: 123.34
Previous Daily Fibonacci 61.8%: 123.02
Previous Daily Pivot Point S1: 122.82
Previous Daily Pivot Point S2: 121.97
Previous Daily Pivot Point S3: 121.44
Previous Daily Pivot Point R1: 124.2
Previous Daily Pivot Point R2: 124.73
Previous Daily Pivot Point R3: 125.58