- The EUR/JPY hourly chart shows a bullish relative strength index (RSI) divergence and an upside break of the falling trendline. Still, a bull rally is not materializing.
- A break below 128.51 (previous day’s low) would put the focus back on the lower highs and lower lows pattern seen in the daily chart and allow a drop to 127.43 (61.8% Fib R of May 29 low – July 7 high).
Hourly chart
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Spot Rate: 128.68
Daily High: 128.73
Daily Low: 128.59
Trend: Neutral
R1:129.13 (5-day moving average)
R2: 129.29 (50-day moving average)
R3: 129.54 (10-day moving average)
Support
S1: 128.50 (April 7 low)
S2: 128.30 (50% Fib R of May 29 low – July 17 high)
S3: 128.00 (psychological level)
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