EUR/JPY is trapped in a pennant pattern, as seen on the 4-hour chart. A breakout would expose overhead resistance at 124.90. EUR/JPY has carved out a contracting triangle or pennant pattern on the 4-hour chart. A breakout, if confirmed, would signal a resumption of the rally from the July 10 low of 120.27 and open the doors for 124.64 (200-week simple moving average), above which a major resistance at 124.90 (August 2018 low). Alternatively, a pennant breakdown would imply bearish reversal and shift risk in favor of a drop to the ascending 50-day SMA, currently at 121.31. The pair is currently trading largely unchanged on the day at 123.70. The pennant resistance is located at 123.78 while support is seen at 123.11. 4-hour chart Trend: Neutral Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China to support export businesses – People’s Daily FX Street 3 years EUR/JPY is trapped in a pennant pattern, as seen on the 4-hour chart. A breakout would expose overhead resistance at 124.90. EUR/JPY has carved out a contracting triangle or pennant pattern on the 4-hour chart. A breakout, if confirmed, would signal a resumption of the rally from the July 10 low of 120.27 and open the doors for 124.64 (200-week simple moving average), above which a major resistance at 124.90 (August 2018 low). Alternatively, a pennant breakdown would imply bearish reversal and shift risk in favor of a drop to the ascending 50-day SMA, currently at 121.31. The pair is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
