EUR/JPY Technical Analysis: Awaits falling wedge bullish reversal

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  • The EUR/JPY pair has created a falling wedge on the 4-hour chart, which is a bullish reversal pattern.  
  • Acceptance above the top end of the wedge or resistance, currently located at 129.35, would confirm a falling wedge reversal or a bearish-to-bullish trend change and open the doors to 130.87 (Aug. 29 high).
  • The relative strength index (RSI) has already breached the falling trendline, so the pair is more likely to take out the wedge resistance of 129.35.

4-hour chart

Spot Rate: 129.25

Daily High: 129.29

Daily Low: 128.76

Trend: Bullish above 129.35

Resistance

R1: 129.35 (top end of the wedge)

R2: 129.98 (Sep. 5 high)

R3: 130.87 (Aug. 30 high)

Support

S1: 128.76 (support as per the 4-hour chart)

S2: 127.86 (previous day’s low)

S3: 127.78 (wedge support)

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