- Fails to gain momentum despite breaking short-term resistance-line.
- Upward sloping RSI offers another reason to be positive.
- A break of 2-week old support-line can trigger a fresh downside.
Even after breaking 4-day long trend-line resistance the previous-day, EUR/JPY remains modestly flat around 121.70 during early Friday.
Buyers await a sustained upside beyond 61.8% Fibonacci retracement of late-June rise, at 121.87, to question the 122.16/18 resistance-confluence comprising 50% Fibonacci retracement and 200-hour moving average (200-HMA).
During the additional increase above 122.18, 122.60 and 123.00 can please the bulls.
Meanwhile, the latest low surrounding 121.53 and immediate ascending support-line at 121.37 may limit the quote’s near-term declines.
In a case where sellers dominate past-121.37, June 21 low near 120.95 may become their favorites.
EUR/JPY hourly chart
Trend: Sideways
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