EUR/JPY Price Analysis: Bulls attack 100-DMA above 142.00

EUR/JPY buyers keep the reins at five-week high despite recent struggle to overcome 100-DMA.
Bullish MACD signals, sustained rebound from multi-day-old horizontal support keeps buyers hopeful.
Convergence of previous support line from March, descending resistance line from late October appears crucial resistance.

Anil Panchal FXStreet

EUR/JPY grinds higher past 142.00 as bulls struggle to cross the 100-DMA heading into Monday’s European session. In doing so, the cross-currency pair justifies the bullish MACD signals, as well as a clear bounce off a horizontal support line, stretched from late September 2022, to lure the pair buyers.

However, the 100-DMA challenges the EUR/JPY upside around the 143.00 threshold.

In the case where the EUR/JPY prices remain firmer past 143.00, a convergence of an 11-month-old previous support line and a downward-sloping resistance line from late October 2022, around 145.00, could challenge the pair’s further upside.

It’s worth noting that the EUR/JPY run-up beyond 145.00 won’t hesitate to challenge the late 2022 peak surrounding 148.40 while aiming for the 150.00 psychological magnet.

On the flip side, pullback moves may initially aim for the 140.00 round figure before testing the 38.2% Fibonacci retracement of the pair’s March-October 2022 upside, near 139.23.

Following that, the aforementioned horizontal support line comprising lows marked since late September 2022, near 137.35-30, will be in focus.

Even if the EUR/JPY bears conquer the 137.30 support, the 61.8% Fibonacci retracement level near 133.55 can act as the last defense of the buyers.

EUR/JPY: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	142.28
Today Daily Change	0.73
Today Daily Change %	0.52%
Today daily open	141.55

Trends
Daily SMA20	140.78
Daily SMA50	141.76
Daily SMA100	142.98
Daily SMA200	140.98

Levels
Previous Daily High	142.34
Previous Daily Low	139.93
Previous Weekly High	142.34
Previous Weekly Low	139.93
Previous Monthly High	142.86
Previous Monthly Low	137.39
Daily Fibonacci 38.2%	141.42
Daily Fibonacci 61.8%	140.85
Daily Pivot Point S1	140.21
Daily Pivot Point S2	138.86
Daily Pivot Point S3	137.8
Daily Pivot Point R1	142.62
Daily Pivot Point R2	143.69
Daily Pivot Point R3	145.03

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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