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EUR/JPY Technical Analysis: Trapped in a descending broadening wedge

EUR/JPY's pullback from the Jan. 9 high of 125.09 has taken the shape of a descending broadening wedge - a bullish continuation pattern.

4-hour chart

  • A break above the upper edge of the broadening wedge, currently at 124.68, would refresh or revive the rally from recent lows near 121.00 and could yield a convincing break above 125.00.
  • Forcing a breakout, however, would prove to be a tough task, if the S&P 500 futures drop sharply, pushing the anti-risk JPY higher. As of writing, the S&P 500 futures are down 0.10 percent on the day.
  • Further, the major exponential moving averages (50, 100, 200) are located one below the other, indicating the path of least resistance is to the downside.

Trend: bullish above 124.68

EUR/JPY

Overview:
    Today Last Price: 124.18
    Today Daily change: -3.0 pips
    Today Daily change %: -0.0242%
    Today Daily Open: 124.21
Trends:
    Previous Daily SMA20: 125.1
    Previous Daily SMA50: 127.17
    Previous Daily SMA100: 128.54
    Previous Daily SMA200: 129.08
Levels:
    Previous Daily High: 124.42
    Previous Daily Low: 123.52
    Previous Weekly High: 125.1
    Previous Weekly Low: 123.4
    Previous Monthly High: 129.3
    Previous Monthly Low: 125.36
    Previous Daily Fibonacci 38.2%: 124.08
    Previous Daily Fibonacci 61.8%: 123.87
    Previous Daily Pivot Point S1: 123.68
    Previous Daily Pivot Point S2: 123.15
    Previous Daily Pivot Point S3: 122.78
    Previous Daily Pivot Point R1: 124.59
    Previous Daily Pivot Point R2: 124.96
    Previous Daily Pivot Point R3: 125.49

 

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