EUR/JPY Price Analysis: Climbs above the 20-DMA, as buyers eye the 50-DMA

EUR/JPY rallies as buyers eye a break above the 100-day EMA at 138.10.
A risk-off impulse was no excuse for EUR buyers to propel the shared currency higher.
EUR/JPY buyers faltering to crack the 138.39 level would expose the pair to selling pressure.

Christian Borjon Valencia FXStreet

The EUR/JPY climbs towards solid resistance around the 100-day EMA at 138.10 after clearing the 20-day EMA at 137.29, despite a risk-off impulse, which usually benefits safe-haven peers. Nevertheless, in the FX space, the only safe haven up in the day are the greenback and the Swiss franc. At the time of writing, the EUR/JPY is trading at 137.51, registering gains of 0.72%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY daily chart portrays the pair as neutral-to-upward biased, further cemented by the Relative Strength Index (RSI) pushing above the 50-midline, signaling buyers are gaining impulse. However, unless they break above the August 10 daily high at 138.39, risks of sellers stepping in remain. If EUR/JPY reclaims the latter, the first resistance would be the 139.00 figure, followed by the50-day EMA at 139.36 and a downslope trendline drawn from the YTD highs around 144.00.

On the flip side, the EUR/JPY first support would be the August 16 high previous resistance-turned-support at 136.91. Once cleared, the next support will be the August 17 low at 136.26, followed by the August 16 daily low at 134.94.

EUR/JPY Daily chart

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	137.51
Today Daily Change	1.01
Today Daily Change %	0.74
Today daily open	136.49

Trends
Daily SMA20	137.46
Daily SMA50	139.52
Daily SMA100	138.12
Daily SMA200	133.98

Levels
Previous Daily High	136.92
Previous Daily Low	134.95
Previous Weekly High	138.4
Previous Weekly Low	136.3
Previous Monthly High	142.43
Previous Monthly Low	135.55
Daily Fibonacci 38.2%	136.17
Daily Fibonacci 61.8%	135.7
Daily Pivot Point S1	135.32
Daily Pivot Point S2	134.15
Daily Pivot Point S3	133.35
Daily Pivot Point R1	137.29
Daily Pivot Point R2	138.09
Daily Pivot Point R3	139.26

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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