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  • The EUR/JPY is currently trading at 128.92, having closed on Friday above the falling trendline connecting the Sept. 26 high and Oct. 22 high.
  • The hourly chart shows the pair has created higher lows and higher highs (bullish pattern).
  • The 50-, 100-, and 200-hour exponential moving averages (EMAs) are trending north in favor of the bulls.
  • The pair looks set to extend the corrective rally to 130.00. The bullish case would weaken if the pair violates the higher lows pattern with a move below the 200-hour EMA of 128.48.

Hourly Chart

Trend: Recovery rally

EUR/JPY

Overview:
       Last Price:  128.94
       Daily change:  3.0  pips
       Daily change:  0.0233%
       Daily Open:  128.91
Trends:
       Daily SMA20:  128.95
       Daily SMA50:  129.95
       Daily SMA100:  129.45
       Daily SMA200:  130.38
Levels:
       Daily High:  129.34
       Daily Low:  128.37
       Weekly High:  129.34
       Weekly Low:  127.24
       Monthly High:  132.49
       Monthly Low:  126.63
       Daily Fibonacci 38.2%:  128.97
       Daily Fibonacci 61.8%:  128.74
       Daily Pivot Point S1:  128.4
       Daily Pivot Point S2:  127.9
       Daily Pivot Point S3:  127.43
       Daily Pivot Point R1:  129.38
       Daily Pivot Point R2:  129.85
       Daily Pivot Point R3:  130.35