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EUR/JPY Price Analysis: Bull needs to retake the 20-day, further downside on the horizon

  • EUR/JPY advanced towards 158.15, setting a 0.40% weekly gain.
  • The cross was rejected by the 20-day SMA the whole week.
  • The daily charts flash signals of exhaustion.

At the end of the week, the EUR/JPY cross advanced to the 158.15 area, seeing 0.40% daily and weekly gains.

The daily charts suggest a neutral to bullish outlook for the cross, as the EUR/JPY’s bulls were constantly rejected by the 20-day Simple Moving Average (SMA) of 158.30 since Monday. In that sense, bulls are starting to lose steam as the Relative Strength Index (RSI) has a positive slope slightly above its midline, while the Moving Average Convergence (MACD) exhibits red bars.

On the other hand, the pair above the 100 and 200-day SMAs suggest that the bulls are comfortably in command over the bears on the bigger picture. If the bulls fail to retake the 20-day SMA, the 157.00 zone is open for a retest, followed by the 156.00 and 155.00 areas. Above the 20-day average, the resistance line up at the cycle’s peak at 158.00, followed by 158.50 and 159.00.

EUR/JPY Daily Chart

EUR/JPY

Overview
Today last price158.17
Today Daily Change0.61
Today Daily Change %0.39
Today daily open157.56
 
Trends
Daily SMA20158.38
Daily SMA50157.13
Daily SMA100153.91
Daily SMA200148.31
 
Levels
Previous Daily High158.52
Previous Daily Low157.36
Previous Weekly High159.76
Previous Weekly Low157.06
Previous Monthly High159.76
Previous Monthly Low155.53
Daily Fibonacci 38.2%157.81
Daily Fibonacci 61.8%158.08
Daily Pivot Point S1157.11
Daily Pivot Point S2156.65
Daily Pivot Point S3155.94
Daily Pivot Point R1158.27
Daily Pivot Point R2158.98
Daily Pivot Point R3159.43

Author

Patricio Martín

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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