- The EUR/JPY has charted a pennant pattern on the hourly chart. A break above 131.04 (top end of the pennant) would signal a revival of the rally from the Sept. 10 low of 127.86 and could yield a test of resistance at 131.99 (July 17 high).
- The 5-day and 10-day moving averages (MAs) are trending north in favor of the bulls. Further, the relative strength index (RSI) is holding in bullish territory above 50.00.
Hourly Chart
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Spot Rate: 130.97
Daily High: 131.03
Daily Low: 130.30
Trend: Bullish above 131.04
R1: 131.07 (200-day moving average)
R2: 131.99 (July 17 high)
R3: 133.49 (April 24 high)
Support
S1: 130.41 (5-day moving average)
S2: 129.71 (10-day moving average)
S3: 129.26 (50-day moving average)
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