- The EUR/JPY dived out of the two-week-long symmetrical triangle on Friday, validating the bearish view put forward by the rising channel breakdown on Nov. 8.
- The JPY cross seems to have found acceptance below the trendline connecting the Oct. 26 and Nov. 12 lows.
- Therefore, the pair may revisit the Oct. 26 low of 126.63 in the near-term. As of now, it is trading at 128.18, having clocked a low of 127.82 earlier today. The minor bounce is likely associated with the oversold conditions reported by the hourly chart relative strength index.
- The bearish bias would be invalidated if the pair closes today above Thursday’s high of 129.10.
4-hour Chart
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EUR/JPY
Overview:
Today Last Price: 128.12
Today Daily change: 18 pips
Today Daily change %: 0.141%
Today Daily Open: 127.94
Trends:
Previous Daily SMA20: 128.66
Previous Daily SMA50: 129.74
Previous Daily SMA100: 129.5
Previous Daily SMA200: 129.93
Levels:
Previous Daily High: 128.94
Previous Daily Low: 127.82
Previous Weekly High: 129.12
Previous Weekly Low: 127.82
Previous Monthly High: 132.49
Previous Monthly Low: 126.63
Previous Daily Fibonacci 38.2%: 128.25
Previous Daily Fibonacci 61.8%: 128.52
Previous Daily Pivot Point S1: 127.52
Previous Daily Pivot Point S2: 127.11
Previous Daily Pivot Point S3: 126.4
Previous Daily Pivot Point R1: 128.65
Previous Daily Pivot Point R2: 129.36
Previous Daily Pivot Point R3: 129.77
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