Home EUR/JPY Price Analysis: Holds 4.5-month ascending trendline
FXStreet News

EUR/JPY Price Analysis: Holds 4.5-month ascending trendline

FX Street
Updated:
  • EUR/JPY is probing major ascending trendline support. 
  • A downside break would confirm a bearish reversal and expose deeper support levels. 

EUR/JPY is currently testing the bounds of the uptrend line rising from September and October lows. 

A break below the trendline support at 121.00 on a daily closing basis would suggest the upside from September lows below 116.00 has run its course, opening the doors for a drop to deeper support levels. 

The first major hurdle for sellers after the breach of trendline would be 120.16 (Jan. 3 and Jan. 8 low).

Initial resistance is marked by an hourly chart falling trendline resistance, currently at 121.88. Securing a foothold above that would revive the bullish case and expose the recent high of 122.87. 

At press time, the pair is sidelined just above 121.00. The cross printed a low of 120.63 on Thursday but managed to close above the ascending trendline rising from September lows. 

Daily chart

Trend: Bearish below trendline support

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.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024