- The EUR/JPY’s hourly chart shows the cross is struggling to build on a bullish falling wedge breakout.
- The upside break witnessed yesterday, signaled a resumption of the rally from the Aug. 15 low of 124.90, however, the pair’s retreat from 129.57 has established a lower highs pattern. As a result, the bulls would want to see a move above 129.57 before jumping the gun.
- On the downside, a move back inside the falling wedge would neutralize the bullish outlook.
Hourly Chart
Spot Rate: 129.30
Daily High: 129.55
Daily Low: 129.25
Trend: Bullish above 129.55
R1: 129.55 (resistance as per the hourly chart)
R2: 129.98 (Sep. 5 high)
R3: 130.87 (Aug. 30 high)
Support
S1: 129.00 (psychological level + 200-hour moving average)
S2: 128.77 (Sep. 11 low support on the hourly chart)
S3: 127.86 (Sep. 9 low)
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