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.

Patricio Martín FXStreet

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 price	158.17
Today Daily Change	0.61
Today Daily Change %	0.39
Today daily open	157.56

Trends
Daily SMA20	158.38
Daily SMA50	157.13
Daily SMA100	153.91
Daily SMA200	148.31

Levels
Previous Daily High	158.52
Previous Daily Low	157.36
Previous Weekly High	159.76
Previous Weekly Low	157.06
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	157.81
Daily Fibonacci 61.8%	158.08
Daily Pivot Point S1	157.11
Daily Pivot Point S2	156.65
Daily Pivot Point S3	155.94
Daily Pivot Point R1	158.27
Daily Pivot Point R2	158.98
Daily Pivot Point R3	159.43

Author

Patricio Martín

FXStreet

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

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