EUR/JPY Price Analysis: Bid above 121.00 as key MAs eye bull cross

EUR/JPY's daily chart shows an impending bull cross of long-term averages.
Price patterns also indicate the path of least resistance is to the higher side.

Omkar Godbole FXStreet Contributor

EUR/JPY is looking to extend Monday's gain with key simple moving average (SMA) indicators eyeing their first bullish turn since November 2019.

The pair is currently trading at 121.12, representing a 0.16% gain on the day, having risen from 120.13 to 121.36 on Monday.

The pair's 50-day SMA is trending north and appears set to cross above the 100-day SMA in the next day or two. The resulting bull cross would be first since mid-November and may bolster the bullish patterns seen on the 4-hour and daily charts.

While the 4-hour chart shows a falling wedge pattern, a bullish reversal setup, the daily chart shows a bullish Doji continuation pattern (Friday's Doji + Monday's big green candle). In addition, the 14-day relative strength index is reporting bullish conditions with an above-50 print.

The pair looks set to cross above Monday's high of 121.36 and challenge resistance at 122.12 (June 16 high). The bullish bias would be invalidated if the support at 120.00 is breached.

4-hour chart

Daily chart

Trend: Bullish

Technical levels

EUR/JPY

Overview
Today last price	121.1
Today Daily Change	0.17
Today Daily Change %	0.14
Today daily open	120.93

Trends
Daily SMA20	121.21
Daily SMA50	118.63
Daily SMA100	118.77
Daily SMA200	119.63

Levels
Previous Daily High	121.36
Previous Daily Low	120.05
Previous Weekly High	121.1
Previous Weekly Low	119.32
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	120.86
Daily Fibonacci 61.8%	120.55
Daily Pivot Point S1	120.2
Daily Pivot Point S2	119.47
Daily Pivot Point S3	118.89
Daily Pivot Point R1	121.51
Daily Pivot Point R2	122.09
Daily Pivot Point R3	122.82

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.