eroding key rising trendline, recovery rally falling apart

  


  • The EUR/JPY is feeling the pull of gravity in Asia, having charted back-to-back daily doji candles.
  • The bullish exhaustion/indecision signaled by doji candles would gain more credence if the pair closes today below the previous day’s low of 129.39.
  • The bearish daily close is more likely to happen as the currency pair is eroding trendline rising from the Oct. 26 low of 126.63, as can be seen in the 4-hour chart below. Further, the relative strength index (RSI) has turned bearish below 50.00.
  • The corrective rally will likely resume if the spot finds acceptance above the weekly high of 130.15.

Hourly Chart

Trend: Bearish

EUR/JPY

Overview:
    Last Price: 129.33
    Daily change: -17 pips
    Daily change: -0.131%
    Daily Open: 129.5
Trends:
    Daily SMA20: 128.89
    Daily SMA50: 129.91
    Daily SMA100: 129.51
    Daily SMA200: 130.27
Levels:
    Daily High: 130.15
    Daily Low: 129.39
    Weekly High: 129.34
    Weekly Low: 127.24
    Monthly High: 132.49
    Monthly Low: 126.63
    Daily Fibonacci 38.2%: 129.68
    Daily Fibonacci 61.8%: 129.86
    Daily Pivot Point S1: 129.21
    Daily Pivot Point S2: 128.92
    Daily Pivot Point S3: 128.46
    Daily Pivot Point R1: 129.97
    Daily Pivot Point R2: 130.43
    Daily Pivot Point R3: 130.72

 



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