EUR/JPY Price Analysis: Bid bias intact above 138.00

EUR/JPY adds to Wednesday’s small loses and breaches 142.00.
Further upside is likely while above the 138.00 area.

Pablo Piovano FXStreet

EUR/JPY flirts with new 3-day lows in the sub-142.00 region on Thursday.

Despite the corrective move, the cross keeps the upside momentum well and sound and the continuation of this move should retest the 2022 high at 144.25 (June 8) in the near term.

Once cleared, the next target of note should come at the 2015 high at 145.32 (January 2) prior to the 2014 high at 149.78 (December 8).

In the meantime, while above the 3-month support line around 138.00, the short-term outlook for the cross should remain bullish. This area appears reinforced by the proximity of the 55-day SMA.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	141.93
Today Daily Change	231
Today Daily Change %	-1.44
Today daily open	144.01

Trends
Daily SMA20	140.48
Daily SMA50	138.14
Daily SMA100	134.88
Daily SMA200	132.4

Levels
Previous Daily High	144.24
Previous Daily Low	142.68
Previous Weekly High	141.97
Previous Weekly Low	137.93
Previous Monthly High	138.32
Previous Monthly Low	132.66
Daily Fibonacci 38.2%	143.65
Daily Fibonacci 61.8%	143.28
Daily Pivot Point S1	143.05
Daily Pivot Point S2	142.08
Daily Pivot Point S3	141.48
Daily Pivot Point R1	144.61
Daily Pivot Point R2	145.21
Daily Pivot Point R3	146.18

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD flirts with weekly lows near 1.1770

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to challenge the area of weekly throughs near 1.1770 on Thursday. The pair’s decline comes in response to marked gains in the US Dollar amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.