EUR/JPY's Short Term Falling Channel

Technical Reports

Trading of the cross stays neutral. Breach of 130.33 will extend the recoil from 124.61. A short term falling channel has been firmly met. Following pivot points include: (S1) 128.13; (P) 128.80; (R1) 130.00.

A reversal is likely. Another lift should align 133.47 resistance. Breach of 127.13 will draw repeat test of 124.61 minimum.

A bearish divergence in daily MACD keeps persisting. Sustained breach of 124.08 will suggest reversal. The intact increase from 109.03 has finished at 137.49. Larger decline should align 61.8% retracement of 109.03 to 137.49 at 119.90 and lower. Choppy breach of 133.47 key resistance will resume the lift from 109.03 through the maximum of 137.49.