“¢ The cross continued with it’s struggled to build on the momentum beyond the 129.00 handle and retreated sharply following the release of disappointing Euro-zone PMI prints.
“¢ A sustained break below 100-hour SMA further accelerated the downward momentum, through the selling pressure now seems to have abated ahead of an ascending trend-line.
“¢ The mentioned trend-line extends from over two-month lows set in October and might now act as a key trigger for bearish traders/resumption of the prior downward trajectory.
“¢ Technical indicators on the 1-hourly chart are already pointing to oversold conditions but have just started gaining bearish momentum on 4-hourly/daily charts.
“¢ Hence, it would be prudent to wait for a convincing breakthrough the mentioned support before traders start positioning for any further near-term depreciating move.
EUR/JPY 1-hourly chart
EUR/JPY
Overview:
Today Last Price: 128.4
Today Daily change: -45 pips
Today Daily change %: -0.349%
Today Daily Open: 128.85
Trends:
Previous Daily SMA20: 128.64
Previous Daily SMA50: 129.78
Previous Daily SMA100: 129.52
Previous Daily SMA200: 129.96
Levels:
Previous Daily High: 129.12
Previous Daily Low: 128.62
Previous Weekly High: 129.24
Previous Weekly Low: 127.5
Previous Monthly High: 132.49
Previous Monthly Low: 126.63
Previous Daily Fibonacci 38.2%: 128.93
Previous Daily Fibonacci 61.8%: 128.81
Previous Daily Pivot Point S1: 128.6
Previous Daily Pivot Point S2: 128.36
Previous Daily Pivot Point S3: 128.1
Previous Daily Pivot Point R1: 129.11
Previous Daily Pivot Point R2: 129.37
Previous Daily Pivot Point R3: 129.62
Share
