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  • Gradually rising RSI, multiple ascending support-lines portray EUR/JPY strength.
  • 4H 200MA acts as immediate upside resistance ahead of 50% Fibonacci retracement.

A successful break of 38.2% Fibonacci retracement of late-May to early-June downpour presently helps the EUR/JPY pair to aim for 4H 200MA as it trades near 121.95 during early Tuesday morning in Asia.

On the break of 200-bar moving average on the 4-hour chart (4H 200MA), at 122.04 now, 50% Fibonacci retracement level of 122.27 and 122.62 mark comprising 61.8% Fibonacci retracement may gain buyers’ attention.

It should also be noted that pair’s additional rise over 122.62 may help the bulls to aim for 122.90, 123.20 and 123.36 during further upside.

The 14-bar relative strength index (RSI) also increases gradually and offers additional strength to the upside momentum.

On the flipside, 121.70 can offer immediate support ahead of highlighting the importance of 121.50/48 confluence including 23.6% Fibonacci retracement and 18-day long ascending trend-line.

Given the sellers’ refrain from respecting 121.48 support, 121.30, 121.00 and June month low near 120.78 can flash on their radar.

EUR/JPY 4-hour chart

Trend: Bullish