EUR/JPY Price Analysis: Bulls need running out of steam, capped by the 20-day SMA

EUR/JPY advanced near 158.00, setting a consecutive day of gains.
Bullish momentum is fading, and indicators signal further downside.
Bulls are struggling to gain the 20-day SMA.

Patricio Martín FXStreet

On Monday, the EUR/JPY cross slightly advanced, near the 157.80 zone. Still, the pair could see further consolidation if the bull fails to reclaim the 20-day Simple Moving Average (SMA) at 158.00.

In line with that, indicators on the daily chart exhibit signs of bullish exhaustion, contributing to a neutral to bearish technical perspective. The Relative Strength Index (RSI), despite seeing a positive slope above its midline, displays a clear downward trend since mid-August, while the Moving Average Convergence (MACD) shows neutral red bars. Additionally, the pair is below the 20-day Simple Moving Average (SMA) but above the 100 and 200-day SMAs, indicating that the bulls still have the upper hand when looking at the broader picture. However, the pair got rejected by the 20-day SMA at 158.00 during September, which contributed to the pair losing momentum and left the door open for further downside.

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	157.8
Today Daily Change	0.22
Today Daily Change %	0.14
Today daily open	157.58

Trends
Daily SMA20	158.11
Daily SMA50	157.22
Daily SMA100	154.49
Daily SMA200	148.75

Levels
Previous Daily High	157.9
Previous Daily Low	156.72
Previous Weekly High	158.66
Previous Weekly Low	156.58
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	157.45
Daily Fibonacci 61.8%	157.17
Daily Pivot Point S1	156.9
Daily Pivot Point S2	156.22
Daily Pivot Point S3	155.73
Daily Pivot Point R1	158.08
Daily Pivot Point R2	158.58
Daily Pivot Point R3	159.26

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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