EUR/JPY: Sellers continue to lurk ahead of 125.80 trend-line resistance


EUR/JPY daily chart

  • EUR/JPY is on bids around 125.75 during early Asian trading on Monday.
  • Since Wednesday, the pair has been struggling with a trend-line resistance, at 125.80, connecting highs marked during September and December 2018.
  • Should there be a daily closing beyond 125.80, 126.50 and 127.10 are likely following numbers to appear on the chart.
  • In case the pair manages to surpass 127.10, 61.8% Fibonacci retracement of its September 2018 to January 2019 dip, at 127.60, adjacent to 200-day simple moving average (SMA) can please the buyers.
  • If at all sellers drag the pair, 50-day SMA level of 125.20, 124.90 and 124.60 may appear in their radars as nearby rests.
  • However, an upward sloping support-line joining the lows marked in the middles of January and February months, at 124.35, could limit the pair’s decline under 124.60, if not then 124.00 and 123.75 can entertain the Bears.

  • EUR/JPY 4-Hour chart

  • While D1 chart highlights 125.80 as a crucial resistance, the H4 chart has 125.95 as a backstop after the broader resistance break but before diverting traders to 126.50 and 127.10.
  • On the downside, 125.30 can offer nearby supports to the pair, followed by 124.90 and 124.60 rest-points.
  • EUR/JPY hourly chart

  • In addition to 125.80 and 125.95, 61.8% Fibonacci expansion of February 19 to 21 moves, at 126.05 seems extra resistance for the pair traders to watch as signalled by the hourly chart.
  • Alternatively, 125.40 is likely immediate support for the pair ahead of dragging it to 125.30 and 125.20 consecutive rest-points.
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