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EUR/JPY Technical Analysis: Higher lows favor test of key trendline hurdle

  • The EUR/JPY has moved above the 200-hour EMA of 128.41, having charted a bullish higher lows and higher highs pattern in the last three trading days.
  • The 50-, 100-, and 200-hour EMAs have bottomed out and the 50-, 100-hour EMAs are about to confirm a  bullish crossover. Further,  the daily MACD is flashing a bullish divergence.
  • The JPY cross looks set to test the resistance of the trendline connecting the Sept. 27 high and Oct. 22 high. At press time,  that trendline resistance is seen at 129.07.
  • The bullish setup seen in the hourly chart would be invalidated if the pair finds acceptance under 128.00.

Hourly Chart

Trend: Bullish

EUR/JPY

Overview:
    Last Price: 128.39
    Daily change: 5.0 pips
    Daily change: 0.0390%
    Daily Open: 128.34
Trends:
    Daily SMA20: 129.37
    Daily SMA50: 129.97
    Daily SMA100: 129.46
    Daily SMA200: 130.49
Levels:
    Daily High: 128.46
    Daily Low: 127.74
    Weekly High: 130.22
    Weekly Low: 126.63
    Monthly High: 133.15
    Monthly Low: 127.87
    Daily Fibonacci 38.2%: 128.18
    Daily Fibonacci 61.8%: 128.01
    Daily Pivot Point S1: 127.9
    Daily Pivot Point S2: 127.46
    Daily Pivot Point S3: 127.18
    Daily Pivot Point R1: 128.62
    Daily Pivot Point R2: 128.9
    Daily Pivot Point R3: 129.34

 

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