EUR/JPY Price Analysis: Dark cloud cover emerges, threatening to drag Euro’s price lower


  • Dark cloud cover in the EUR/JPY daily chart suggests a pullback could be underway.
  • EUR/JPY sellers are losing momentum as oscillators shifted neutral.

The EUR/JPY retraced Wednesday’s gains on Thursday, as the pair formed a dark cloud cover. The two-candlestick chart pattern suggests the pair could be headed downwards, but a daily close below 147.02 is needed to confirm the chart pattern. As Friday’s Asian session begins, the EUR/JPY is trading at 147.25, registering minuscule gains of 0.04%.

EUR/JPY Price Action

EUR/JPY has managed to extend its rally past the 147.00 area, reaching a YTD high at 147.86; it retreated to the 147.20 area as oscillators turned flat, suggesting buyers are losing momentum. In addition, a forming dark cloud cover could open the door to test 147.00, a crucial area for buyers/sellers, which, once cleared, the latter will eye the 20-day Exponential Moving Average (EMA) at 145.52 as the first support to test.

If the EUR/JPY resumes downwards after challenging 145.52, the following support should be the psychological 145.00 figure, followed by the 50-day Exponential Moving Average (EMA) at 144.15.

On the other hand, if EUR/JPY stays above 147.00, that could pave the way for further upside. The EUR/JPY key resistance areas lie at the YTD high of 147.86, followed by the 148.00 mark. Break above; the EUR/JPY will challenge the 2022 high at 148.40.

EUR/JPY Daily Chart

EUR/JPY Daily Chart

EUR/JPY

Overview
Today last price 147.21
Today Daily Change -0.38
Today Daily Change % -0.26
Today daily open 147.59
 
Trends
Daily SMA20 144.55
Daily SMA50 143.72
Daily SMA100 142.67
Daily SMA200 142.2
 
Levels
Previous Daily High 147.86
Previous Daily Low 147.04
Previous Weekly High 147.16
Previous Weekly Low 143.8
Previous Monthly High 145.67
Previous Monthly Low 138.83
Daily Fibonacci 38.2% 147.55
Daily Fibonacci 61.8% 147.36
Daily Pivot Point S1 147.14
Daily Pivot Point S2 146.68
Daily Pivot Point S3 146.32
Daily Pivot Point R1 147.95
Daily Pivot Point R2 148.32
Daily Pivot Point R3 148.77

 

 

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