EUR/JPY technical analysis: 124.30, 124.70 can question recent pullback
5/7/2019 2:04:33 AM
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EUR/JPY clings to 124.00 inside short-term descending triangle formation on early Tuesday.

  • The descending triangle and the support-turned-resistance challenge immediate upside.
  • 123.80 and 122.60 seem crucial supports on the downside.
  • The descending triangle and the support-turned-resistance challenge immediate upside.
  • The descending triangle and the support-turned-resistance challenge immediate upside.
  • 123.80 and 122.60 seem crucial supports on the downside.
  • 123.80 and 122.60 seem crucial supports on the downside.

    While more than five-week-old descending triangle limits the EUR/JPY pair moves, its latest pullback from formation support clings to 124.00 during the early Asian session on Tuesday.

    An upward sloping trend-line connecting late-March low to April month bottom, at 124.30, seems nearby resistance for the quote to clear ahead of rising to challenge the pattern’s upper-line at 124.70.

    Given the bulls’ manage to cross 124.70 resistance, present month highs near 125.20 and 125.60/70 region could become tough nuts to break.

    Meanwhile, a downside break of 123.80 support can fetch prices to a recent low near 123.35 and then to 61.8% Fibonacci expansion (FE) level of its May month moves, at 123.10.

    It should also be noted that January 04 low near 122.60 could limit additional declines under 123.10.

    EUR/JPY 4-Hour chart

    EUR/JPY 4-Hour chart

    Trend: Pullback expected

    Trend:
      1. R3 125.43
      2. R2 124.88
      3. R1 124.47
    1. PP 123.92
      1. S1 123.51
      2. S2 122.95
      3. S3 122.54
      1. R3 125.43
      2. R2 124.88
      3. R1 124.47
    1. PP 123.92
      1. S1 123.51
      2. S2 122.95
      3. S3 122.54
      1. R3 125.43
      2. R2 124.88
      3. R1 124.47
    1. PP 123.92
      1. S1 123.51
      2. S2 122.95
      3. S3 122.54
      1. R3 125.43
      2. R2 124.88
      3. R1 124.47
    1. PP 123.92
      1. S1 123.51
      2. S2 122.95
      3. S3 122.54
    1. R3 125.43
    2. R2 124.88
    3. R1 124.47
    1. R3 125.43
    2. R2 124.88
    3. R1 124.47
  • R3 125.43
  • R3 R3125.43
  • R2 124.88
  • R2 R2124.88
  • R1 124.47
  • R1 R1124.47
  • PP 123.92
  • PP PP123.92
    1. S1 123.51
    2. S2 122.95
    3. S3 122.54
    1. S1 123.51
    2. S2 122.95
    3. S3 122.54
  • S1 123.51
  • S1 S1123.51
  • S2 122.95
  • S2 S2122.95
  • S3 122.54
  • S3 S3122.54