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EUR/JPY: technical analysis 12.08.20

Current trend

The EUR/JPY pair begins today’s trading with a slight bullish bias. The price went up above the level of 125.000 and has the potential to further growth to the area of 125.195. This level can stop the upward dynamic and activate a downward rebound. Meanwhile, the breakout and pair’s sustained trading above 125.200 will let the price re-test the yesterday's high at 125.490. The decisive breakout of this level is needed to indicate the upward trend resumption. In this case, the buyers will aim for the 125.781 resistance area.

Alternative scenario

The downward rebound from 121.141 and pullback below 124.850 will be a sign of the downward movement development and let the price decline to the area of 124.609 mark. This level seems a strong support, which can activate a downward rebound. However, the decisive breakdown of the 124.600 will be a signal of the downward trend resumption and let the price decline to the area of 124.219.

Technical indicators

The technical picture is mixed.

Bollinger Bands are converging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic is pointed downwards keeping a sell signal.

Support and resistance

Support levels: 124.921, 124.609, 124.219.
Resistance levels: 125.141, 125.406, 125.781.

Trading recommendations

Short positions can be opened below the level of 124.866 with the target at around 124.600 and stop-loss at 124.954.
Long positions can be opened above the level of 125.141 with the target at around 125.440 and stop-loss at 125.040.

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