EURJPY is ticking up above 129.00 in the 4-hour chart, after the rebound off the 23.6% Fibonacci retracement level of the upward wave from 125.07 to 129.96 at 128.80 and the 20- and 40-period simple moving averages (SMAs). The RSI is pointing north in the positive region, while the MACD is hovering around its trigger line above its zero level.
More advances could move the market until the immediate resistance at 129.45, which overlaps with the upper surface of the Bollinger band. Higher, the price could meet the 28-month high of 129.96 ahead of the 130.15 barrier, registered in November 2018.
On the flip side, immediate support could come from the 23.6% Fibonacci at 128.80. Steeper decreases could meet the lower Bollinger band around 128.25. Below that, the 38.2% Fibonacci of 128.10 could attract traders’ attention ahead of the 50.0% Fibonacci of 127.50.
In conclusion, EURJPY has been in a bullish tendency since January 18 and any falling moves beneath the 200-period SMA may shift this view to neutral.
