EUR/JPY Technical Analysis: post-ECB modest rebound pauses at 100-period SMA on H4

   “¢   A modest recovery attempt from the post-ECB swing low and short-term oversold conditions tests 100-period SMA on 4-hourly charts.
   “¢   Any meaningful recovery might now be capped at the 129.00 round figure mark.
   “¢   A subsequent slide back below the 127.70 area now seems to pave the way for an extension of the overnight rejection slide from 50-day SMA key barrier.

EUR/JPY 4-hourly chart

Spot Rate: 128.24
Daily High: 128.36
Daily Low: 127.70
Trend: Bearish

Resistance
R1: 128.68 (Monday’s weekly opening level)
R2: 129.00 (round figure mark)
R3: 129.49 (200-period SMA H4)

Support
S1: 127.70 (daily low)
S2: 127.13 (monthly low set on June 1)
S3: 126.80 (horizontal level)