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EUR/JPY Technical Analysis: Looking at Price Action Around 124.76

EUR/JPY Technical Analysis: Looking at Price Action Around 124.76

2019-05-02 21:00:00
Mahmoud Alkudsi, Analyst
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EUR/JPY Technical Analysis: Looking at Price Action Around 124.76

EUR/JPY Technical Strategy

  • Euro-Zone Inflation Data Tomorrow Might Spark a Move
  • The EUR/JPY Daily Chart Highlights Important Support and Resistance Levels

See the Q2 Euro forecast to learn what is likely to drive price action through mid-year!

See the DailyFX Economic Calendar for a comprehensive look at all the week’s data releases.

EUR/JPY Daily Price Chart (May 2018 – May 02, 2019)

EURJPY

Closing above or below EUR/JPY 124.76 - What Does This Mean?

Since the beginning of March, EUR/JPY cubed efforts to mount a more productive bull trend with a high set on March 1st and a lower high printing on Mar 20th – which then prompted a drop back to and three-month low’s on March 28.

In its most recent bullish efforts, a EUR/JPY rebound failed 3 times between April 12th through the 18th to overtake 126.80, effectively capping any productive positive momentum. On Thursday April 18th EUR/JPY price broke below short-term support at 126.05 and proceeded to drop all the way back to 124.07 (lowest price in 4 weeks).

On Monday April 29th, a short-term positive break occurred with the move through 124.76, however, bullish momentum has proven even more restrictive with this recent phase as 124.76 remains far out of reach while RSI has dropped from 46 to 42.

To Sum up: A close below 124.76 would support a bearish bias with the first significant downside support likely at 124.24 (the April swing low), while a zone between 124.42 and 124.38 could further slow the market along the way.

What if EUR/JPY closes above 124.76?

In this case, bullish sentiment would suggest a pull towards 125.39 contingent on prices clearing resistance levels at 125.07 and 125.30 first.

EUR/JPY Prices 2Hour Chart (May 02, 2019)

EURJPY

EUR/JPY price today broke a short-term uptrend line originating from April 26th low that fell around 124.71. The 124.47 support zone remains and the 124.09 would be the extreme of short-term bearish intent as the aforementioned reversal’s low. Note the 124.76 level mentioned above has changed from support to resistance.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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