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
Author
Christian Borjon Valencia
FXStreet
Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.
