EUR/JPY Price Analysis: Subdued around 143.40s, as bulls prepare for an assault to 145.00

The EUR/JPY is registering gains of 2.22% in the week after facing solid resistance around 143.60.
EUR/JPY Price Analysis: In consolidation within a 130 pip range circa the 143.00 psychological barriers.

Christian Borjon Valencia FXStreet

The EUR/JPY hit a fresh weekly high at 143.67 but reversed some of those gains, resting comfortably above Thursday’s high ahead of the weekend. Therefore, the EUR/JPY exchanges hands at 143.40 after dropping to a low of 142.91.

EUR/JPY began the week at around the 200-day Exponential Moving Average (EMA) at 140.32 before rallying sharply towards the 142.38 Tuesday high. Since that day, the EUR/JPY consolidated at around the 142.35-143.65 area, unable to crack either side of the range.

On Friday, the EUR/JPY pierced the top of the range, but buyers unable to hold to its gains, caused a retracement in the pair. Therefore, the EUR/JPY neutral-to-upward bias remains intact.

If the EUR/JPY breaks the top of the range, the next supply area will be 144.00. Once broken, the EUR/JPY might rally and test a five-month-old downslope resistance trendline passing nearby 144.50/60. That could propel EUR/JPY bulls toward the psychological 145.00 barrier.

Contrarily a EUR/JPY fall below 142.30, and the pair might test the 142.00 figure. A breach of the latter will open the door for a move lower to the 141.70/80 area, with the 20, 50, and 100-day EMAs resting inside the range, followed by a fall to the 200*day EMA at 140.44.

EUR/JPY Daily chart

EUR/JPY Key technical levels

EUR/JPY

Overview
Today last price	143.48
Today Daily Change	0.59
Today Daily Change %	0.41
Today daily open	142.89

Trends
Daily SMA20	141.58
Daily SMA50	141.5
Daily SMA100	143.06
Daily SMA200	141.21

Levels
Previous Daily High	143.44
Previous Daily Low	142.88
Previous Weekly High	142.88
Previous Weekly Low	139.55
Previous Monthly High	142.86
Previous Monthly Low	137.39
Daily Fibonacci 38.2%	143.09
Daily Fibonacci 61.8%	143.23
Daily Pivot Point S1	142.69
Daily Pivot Point S2	142.5
Daily Pivot Point S3	142.13
Daily Pivot Point R1	143.26
Daily Pivot Point R2	143.64
Daily Pivot Point R3	143.83

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.

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