• EUR/JPY is set to finish the week with minimal gains of 0.18%.
  • EUR/JPY Price Analysis: Trades sideways, with buyers unable to crack 148.00, which, once broken, could pave the way for further upside.

The EUR/JPY prints back-to-back positive sessions but stays at around 147.62, almost unchanged, as Thursday’s price action formed a doji. Once the EUR/JPY reached a multi-year high at around 148.63, it was followed by a mean reversion move, ahead of the BoJ’s monetary policy decision, later in the day. At the time of writing, the EUR/JPY is trading at 147.64, gains 0.03%, as the Asian session starts.

EUR/JPY Price Action

From a daily chart perspective, price action looks headed upward. However, sellers stepped in as the RSI indicator exited from overbought conditions, dragging the EUR/JPY’s price toward its weekly low of 146.28. Since then, the EUR/JPY reclaimed 147.00, though the pair is trading sideways within the 147.10-90s area.

Near-term, the EUR/JPY 4-hour chart suggests the pair is consolidating at around the 50 and 20-EMAs. After dropping to its weekly low, the EUR/JPY recovered some ground and aimed toward 147.49, clearing the 50 and 20-EMA. Since then, the EUR/JPY has faced solid resistance at around 147.90-147.99, unable to reclaim 148.00. If EUR/JPY cannot crack 148.00, expect further downside, with the pair testing support at the confluence of the 50-EMA and the S1 pivot at 147.16-24, followed by the S2 pivot at 146.72. additional downside risks are expected at 146.47, followed by the S3 pivot at146.31.

EUR/JPY 4-Hour Chart

EUR/JPY 4-Hour Chart

EUR/JPY

Overview
Today last price 147.62
Today Daily Change 0.02
Today Daily Change % 0.01
Today daily open 147.6
 
Trends
Daily SMA20 145.9
Daily SMA50 144.27
Daily SMA100 142.9
Daily SMA200 142.38
 
Levels
Previous Daily High 147.92
Previous Daily Low 146.46
Previous Weekly High 147.86
Previous Weekly Low 146.4
Previous Monthly High 145.67
Previous Monthly Low 138.83
Daily Fibonacci 38.2% 147.36
Daily Fibonacci 61.8% 147.01
Daily Pivot Point S1 146.73
Daily Pivot Point S2 145.86
Daily Pivot Point S3 145.27
Daily Pivot Point R1 148.19
Daily Pivot Point R2 148.78
Daily Pivot Point R3 149.65

 

 

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