EURJPY slowed its positive pace after Monday’s quick bounce off the 128.00 territory, but the 20-day simple moving average (SMA) came to balance the boat, navigating the price gradually above the 129.23 barrier and to a fresh two-week high of 129.58.
The bullish intersection between the 20- and 50-day SMAs is feeding hopes that the rebound from one-month lows could further grow in the short-term. However, whether buyers could sustainably revive their weekly gains above the nearby resistance of 129.50, which is also the 38.2% Fibonacci of the latest bearish wave, remains to be seen as signals from momentum indicators provide no clear direction. The RSI continues to move sideways marginally above its 50 neutral mark, while the MACD is also stable and attached to its red signal line.
Should the 129.50 bar reject the bulls, with the price slipping below the immediate support of 129.23, the 23.6% Fibonacci of 129.00 and the 50-day SMA slightly beneath at 128.90 could quickly come to the rescue, preventing any extensions towards the 128.60 handle. If the latter proves fragile, the bears will next target the 128.23 bottom with scope to stretch the downtrend till the 127.90 mark.
In the event the pair snaps the 129.50 ceiling, the spotlight will shift straight to the 200-day SMA and the 50% Fibonacci of 129.90. If buyers claim that zone too, the price could fly up to the 61.8% Fibonacci of 130.52, while not far above it, the dashed descending trendline drawn from October’s top of 133.47 could stage a more challenging battle.
In brief, EURJPY is in a wait-and-see mode between the 129.50 and 129.23 boundaries in the very short-term picture. Any violation at these borders could direct the market action accordingly.
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