“¢ The cross remained under some selling pressure through the mid-European session on Tuesday and eroded a part of the previous session’s goodish up-move to fresh YTD tops.
“¢ However, given that the pair has been trending higher alongside an ascending channel formation since early January clearly points to a well established near-term bullish trajectory.
“¢ This coupled with the last week’s sustained move beyond 50-day SMA add credence to the constructive outlook and support prospects for an extension of the recent up-move.
“¢ Meanwhile, oscillators on the 1-hourly chart have been losing momentum but have just started gaining traction on the daily chart, indicating dip-buying interest at lower levels.
“¢ Hence, any meaningful slide back towards the key 125.00 psychological mark might be seen as a buying opportunity and help limit any meaningful downside, at least for some time.
EUR/JPY 4-hourly chart
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EUR/JPY
Overview:
Today Last Price: 125.89
Today Daily change %: -0.20%
Today Daily Open: 126.14
Trends:
Daily SMA20: 125.15
Daily SMA50: 125.16
Daily SMA100: 126.96
Daily SMA200: 128.16
Levels:
Previous Daily High: 126.31
Previous Daily Low: 125.38
Previous Weekly High: 125.94
Previous Weekly Low: 124.7
Previous Monthly High: 127.07
Previous Monthly Low: 118.84
Daily Fibonacci 38.2%: 125.95
Daily Fibonacci 61.8%: 125.73
Daily Pivot Point S1: 125.58
Daily Pivot Point S2: 125.01
Daily Pivot Point S3: 124.64
Daily Pivot Point R1: 126.51
Daily Pivot Point R2: 126.88
Daily Pivot Point R3: 127.45
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