Home EUR/JPY technical analysis: Buyers follow short-term rising channel to aim for further upside
FXStreet News

EUR/JPY technical analysis: Buyers follow short-term rising channel to aim for further upside

FX Street
Updated:
  • 50-HMA, rising channel portrays gradual recovery.
  • Chanel resistance, 200-HMA act as tough upside barriers.

Following its 5-day long rising channel formation, EUR/JPY takes the bids near 121.85 during early Monday morning in Asia.

The recent pullback in prices favors pair’s run-up to 121.94 before confronting the 122.13/14 area comprising 200-hour moving average (HMA) and channel’s upper-line.

Should there be additional upside past-122.14, 61.8% Fibonacci retracement near 122.58 may gain buyers’ attention.

Meanwhile, 50-HMA and channel support limit the quote’s immediate declines near 121.68/67, a break of which can recall 121.42 and 121.30 supports back to the chart.

EUR/JPY hourly chart

Trend: Bullish

 

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