EUR/JPY Technical Analysis: Temporary relief could be in the offing

• The bullish divergence of the hourly relative strength index (RSI) indicates scope for an Intraday rally in the EUR/JPY pair.
• The former support-turned-resistance of 129.13 (July 27 low) could be put to test before the pair resumes the downtrend called by the lower highs and lower lows pattern seen in the daily chart.

Hourly chart

Spot Rate: 128.68

Daily High: 128.75

Daily Low: 128.52

Trend: Intraday bullish

Resistance

R1: 129.13 (July 27 low)

R2: 129.82 (200-hour moving average)

R3: 130.00 (psychological level)

Support

S1: 128.50 (July 4 low)

S2: 127.43 (61.8% Fib R of May 29 low - July 17 high)

S3: 127.15 (June 28 low)