Home EUR/JPY Technical Analysis: In no-man’s land, capped by 21-D SMA

EUR/JPY Technical Analysis: In no-man’s land, capped by 21-D SMA

Published date: 5 Apr. 2019 | 01:47

EUR/JPY has stalled at the target set on the 21-DMA (orange on the chart below) and the confluence of the 23.6% Fibo of the 2019 range and cloud top.
However, a break there opens the top of the cloud where it meets the trend line resistance guarding a break towards the 200-DMA (blue on the chart below) at 127.80. On a break of 123.50 to the downside, risk is towards 123.40 (Jan 7 and Jan 15 lows) ahead of the 50% Fibo at 123.02.
A break there will likely see the price continue in its southerly trajectory, extending last September’s bear trend.

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