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EUR/JPY Technical Analysis: Approaching upper edge of descending broadening channel

The EUR/JPY pair is fast approaching 124.75 - the upper edge of the descending broadening channel seen in the 4-hour chart. As of writing, it is trading at 124.63.

4-hour chart

The descending channel breakout, if confirmed, would signal a continuation of the rally from the monthly lows near 120.00.

Hourly chart

The bull breakout is more likely to happen than not, as the pair has reclaimed major averages (50, 100, and 200) on the hourly chart.

Further, the 5- and 10-day EMAs are beginning to curl upwards. On the downside, 123.99 (low of Tuesday's Doji candle) is the level to bet for the bears.

Trend: bullish


    Today Last Price: 124.62
    Today Daily change: 18 pips
    Today Daily change %: 0.145%
    Today Daily Open: 124.44
    Daily SMA20: 124.95
    Daily SMA50: 127.07
    Daily SMA100: 128.49
    Daily SMA200: 129.04
    Previous Daily High: 124.68
    Previous Daily Low: 123.74
    Previous Weekly High: 125.1
    Previous Weekly Low: 123.4
    Previous Monthly High: 129.3
    Previous Monthly Low: 125.36
    Daily Fibonacci 38.2%: 124.32
    Daily Fibonacci 61.8%: 124.1
    Daily Pivot Point S1: 123.89
    Daily Pivot Point S2: 123.34
    Daily Pivot Point S3: 122.94
    Daily Pivot Point R1: 124.84
    Daily Pivot Point R2: 125.24
    Daily Pivot Point R3: 125.79


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