EUR/JPY Technical Analysis: Re-test of 100-day MA hurdle could be on the cars

• The falling wedge breakout and the solid defense of the key support at 128.59 (38.2% Fib R of 124.90/130.87) have opened the doors to re-test of the 100-day moving average, currently located at 129.45.
• A daily close below 128.59 would mean the pullback from the Aug. 30 high of 130.87 has resumed and could embolden the bears.

Hourly chart

Spot Rate: 128.98

Daily High: 129.07

Daily Low: 128.71

Trend: Bullish

Resistance

R1: 129.14 (50-day moving average)

R2: 129.45 (100-day moving average)

R3: 129.71 (50% Fib R of recent pullback)

Support

S1: 128.71 (support on the hourly chart)

S2: 128.56 (recent low)

S3: 127.88 (50% Fib R of 124.90/130.87)