EUR/JPY Technical Analysis: A bullish breakthrough 129.00 important hurdle remain elusive
• The cross caught some aggressive bids on Monday and rallied back closer to the 1.2900 handle, which had been acting as an important hurdle over the past two weeks or so.
• Given that the cross is holding above key intraday moving averages - 50, 100 & 200-hour SMA, support prospects for an extension of the positive momentum.
• However, technical indicators on the 1-hourly chart are already pointing to slightly overbought conditions and are yet to catch up with the positive momentum on the daily chart.
• Hence, it would be prudent to wait for a convincing breakthrough the mentioned barrier before traders start positioning for any further near-term appreciating move.
EUR/JPY 1-hourly chart
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EUR/JPY
Overview:
Today Last Price: 128.86
Today Daily change: 92 pips
Today Daily change %: 0.719%
Today Daily Open: 127.94
Trends:
Previous Daily SMA20: 128.66
Previous Daily SMA50: 129.74
Previous Daily SMA100: 129.5
Previous Daily SMA200: 129.93
Levels:
Previous Daily High: 128.94
Previous Daily Low: 127.82
Previous Weekly High: 129.12
Previous Weekly Low: 127.82
Previous Monthly High: 132.49
Previous Monthly Low: 126.63
Previous Daily Fibonacci 38.2%: 128.25
Previous Daily Fibonacci 61.8%: 128.52
Previous Daily Pivot Point S1: 127.52
Previous Daily Pivot Point S2: 127.11
Previous Daily Pivot Point S3: 126.4
Previous Daily Pivot Point R1: 128.65
Previous Daily Pivot Point R2: 129.36
Previous Daily Pivot Point R3: 129.77