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EUR/JPY Price Analysis: Consolidates in a pennant pattern

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  • EUR/JPY is trapped in a pennant pattern, as seen on the 4-hour chart. 
  • A breakout would expose overhead resistance at 124.90.

EUR/JPY has carved out a contracting triangle or pennant pattern on the 4-hour chart. 

A breakout, if confirmed, would signal a resumption of the rally from the July 10 low of 120.27 and open the doors for 124.64 (200-week simple moving average), above which a major resistance at 124.90 (August 2018 low). 

Alternatively, a pennant breakdown would imply bearish reversal and shift risk in favor of a drop to the ascending 50-day SMA, currently at 121.31. 

The pair is currently trading largely unchanged on the day at 123.70. The pennant resistance is located at 123.78 while support is seen at 123.11. 

4-hour chart

EUR/JPY Price Analysis: Consolidates in a pennant pattern

Trend: Neutral

Technical levels

EUR/JPY

Overview
Today last price 123.71
Today Daily Change -0.01
Today Daily Change % -0.01
Today daily open 123.72
Trends
Daily SMA20 122.31
Daily SMA50 121.21
Daily SMA100 119.35
Daily SMA200 119.99
Levels
Previous Daily High 123.79
Previous Daily Low 123.02
Previous Weekly High 124.29
Previous Weekly Low 122.2
Previous Monthly High 124.43
Previous Monthly Low 119.32
Daily Fibonacci 38.2% 123.5
Daily Fibonacci 61.8% 123.31
Daily Pivot Point S1 123.22
Daily Pivot Point S2 122.73
Daily Pivot Point S3 122.45
Daily Pivot Point R1 124
Daily Pivot Point R2 124.28
Daily Pivot Point R3 124.78

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