EUR/JPY Price Analysis: Refreshes five-week highs, above the 139.00 mark

EUR/JPY is recording gains of almost 1.50% during the week.
Buyers reclaiming the 100 and the 50-DMA is exacerbating a move towards 140.00.

The EUR/JPY slightly rises as the Asian Pacific session began, following Tuesday’s positive trading session, which witnessed the cross reclaiming the 100-day EMA at 138.31. Nevertheless, the cross-currency faced solid resistance around the 50-day EMA at 138.85, achieving a close above the former. At the time of writing, the EUR/JPY is trading at 139.00.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY daily chart illustrates the pair breaking a market structure to the upside when the pair cleared the 138.39 mark. That opened the door for further gains, once longs stepped in, as the EUR/JPY gets ready to test the 140.00 mark ahead of the ECB’s next week’s monetary policy meeting.

Worth noting that the Relative Strength Index (RSI) lies at 57.77, with enough room to spare, before reaching overbought territory; hence, the EUR/JPY bias is upwards.

The EUR/JPY’s first resistance would be the 140.00 mark. Once cleared, the next resistance would be the July 21 daily high at 142, 32, followed by the YTD high at 144.27

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	139
Today Daily Change	0.28
Today Daily Change %	0.20
Today daily open	138.72

Trends
Daily SMA20	136.87
Daily SMA50	138.76
Daily SMA100	138.29
Daily SMA200	134.31

Levels
Previous Daily High	138.98
Previous Daily Low	137.04
Previous Weekly High	137.97
Previous Weekly Low	135.52
Previous Monthly High	142.43
Previous Monthly Low	135.55
Daily Fibonacci 38.2%	138.24
Daily Fibonacci 61.8%	137.78
Daily Pivot Point S1	137.51
Daily Pivot Point S2	136.31
Daily Pivot Point S3	135.57
Daily Pivot Point R1	139.45
Daily Pivot Point R2	140.18
Daily Pivot Point R3	141.39

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