EUR/JPY Technical Analysis: Approaching upper edge of descending broadening channel
The EUR/JPY pair is fast approaching 124.75 - the upper edge of the descending broadening channel seen in the 4-hour chart. As of writing, it is trading at 124.63.
4-hour chart
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The descending channel breakout, if confirmed, would signal a continuation of the rally from the monthly lows near 120.00.
Hourly chart
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The bull breakout is more likely to happen than not, as the pair has reclaimed major averages (50, 100, and 200) on the hourly chart.
Further, the 5- and 10-day EMAs are beginning to curl upwards. On the downside, 123.99 (low of Tuesday's Doji candle) is the level to bet for the bears.
Trend: bullish
EUR/JPY
Overview:
Today Last Price: 124.62
Today Daily change: 18 pips
Today Daily change %: 0.145%
Today Daily Open: 124.44
Trends:
Daily SMA20: 124.95
Daily SMA50: 127.07
Daily SMA100: 128.49
Daily SMA200: 129.04
Levels:
Previous Daily High: 124.68
Previous Daily Low: 123.74
Previous Weekly High: 125.1
Previous Weekly Low: 123.4
Previous Monthly High: 129.3
Previous Monthly Low: 125.36
Daily Fibonacci 38.2%: 124.32
Daily Fibonacci 61.8%: 124.1
Daily Pivot Point S1: 123.89
Daily Pivot Point S2: 123.34
Daily Pivot Point S3: 122.94
Daily Pivot Point R1: 124.84
Daily Pivot Point R2: 125.24
Daily Pivot Point R3: 125.79