EUR/JPY Price Analysis: Bulls fail to consolidate above the 20-day SMA

EUR/JPY soared to a high of 158.23, above the 20-day SMA and then closed at 157.85.
The bulls seem to have no more gas left in the tank to continue advancing.

Patricio Martín FXStreet

In Tuesday’s session, the EUR/JPY cross failed to maintain its momentum, which took the pair to a high of 157.85, above the 20-day Simple Moving Average (SMA) and closed with mild gains at 157.85.

Based on the daily chart, the EUR/JPY continues to show indications of bullish exhaustion, leading to a neutral to bearish technical outlook. The Relative Strength Index (RSI) shows a flat slope over its midline and suggests that the bullish momentum is slowly fading away. This is supported by the Moving Average Convergence (MACD), which lays out flat red bars. It's worth mentioning that the RSI has displayed a downward trend since the beginning of September and lines with the pair being constantly rejected by the 20-day SMA.

That being said, the pair is above the 100 and 200-day SMAs, highlighting the continued dominance of bulls in the broader perspective.

Support levels: 157.00, 155.00, 154.60 (100-day SMA).
Resistance levels: 158.00 (20-day SMA), 158.50, 159.00.

EUR/JPY Daily Chart

EUR/JPY

Overview
Today last price	157.89
Today Daily Change	0.07
Today Daily Change %	0.04
Today daily open	157.82

Trends
Daily SMA20	158.03
Daily SMA50	157.26
Daily SMA100	154.56
Daily SMA200	148.81

Levels
Previous Daily High	157.94
Previous Daily Low	157.35
Previous Weekly High	158.66
Previous Weekly Low	156.58
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	157.71
Daily Fibonacci 61.8%	157.57
Daily Pivot Point S1	157.46
Daily Pivot Point S2	157.11
Daily Pivot Point S3	156.87
Daily Pivot Point R1	158.05
Daily Pivot Point R2	158.29
Daily Pivot Point R3	158.64

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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