EUR/JPY technical analysis: Buyers follow rising channel on hourly chart to aim for 125.25/30
  • A weeklong ascending trend-channel and rising RSI from oversold region portray par’s strength.
  • Multiple highs since April 24 can question buyers.

EUR/JPY again took a U-turn from almost one week long ascending trend-channel as it trades near 124.90 during early Thursday.

Adding to the chances of pair’s further recovery is gradually rising 14-bar relative strength index (RSI).

With this, the quote can easily cross 125.00 round-figure but highs since later part of April 24 could challenge buyers around 125.25/30 during additional increase.

Should there be extra rise past-125.30, channel’s resistance near 125.50 and 126.00 might become bulls’ favorites.

On the flipside, pair’s decline below 124.70 support-line can trigger fresh selling towards 124.40 and 124.20 rest-points.

However, the latest low near 124.10 and 61.8% Fibonacci expansion (FE) of its moves since April 17 at 123.65 can please sellers afterward.

EUR/JPY hourly chart

 EUR/JPY technical analysis: Buyers follow rising channel on hourly chart to aim for 125.25/30

 EUR/JPY technical analysis: Buyers follow rising channel on hourly chart to aim for 125.25/30

Click to visit Block Option Trading

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. Blockoptionglobal does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

LEAVE A REPLY

Please enter your comment!
Please enter your name here