EUR/JPY Technical Analysis: Tumbles to fresh weekly lows as the ECB presser gets underway
• The cross once again faced rejection near the key 125.00 psychological mark, for the third time over the past one week, and seems to have formed a bearish double-top pattern on the short-term charts.
• A subsequent fall below 200-hour SMA and near two-week-old ascending trend-line support paves the way for an extension of the intraday bearish slide amid a more dovish shift by the ECB President M. Draghi.
• Technical indicators on hourly charts have been gaining negative momentum and reinforce the bearish set-up, supporting prospects for further weakness towards last week's swing low, around mid-123.00s.
EUR/JPY 1-hourly chart
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EUR/JPY
Overview:
Today Last Price: 124.4
Today Daily change %: -0.27%
Today Daily Open: 124.74
Trends:
Daily SMA20: 124.65
Daily SMA50: 126.76
Daily SMA100: 128.31
Daily SMA200: 128.89
Levels:
Previous Daily High: 124.95
Previous Daily Low: 124.19
Previous Weekly High: 124.98
Previous Weekly Low: 123.39
Previous Monthly High: 129.3
Previous Monthly Low: 125.36
Daily Fibonacci 38.2%: 124.66
Daily Fibonacci 61.8%: 124.48
Daily Pivot Point S1: 124.31
Daily Pivot Point S2: 123.87
Daily Pivot Point S3: 123.55
Daily Pivot Point R1: 125.07
Daily Pivot Point R2: 125.39
Daily Pivot Point R3: 125.83