EUR/JPY Price Analysis: Confined to the 134.50-135.45 range amid risk-aversion

The EUR/JPY pair consolidates in the 134.20-135.50 range on downbeat sentiment.
EUR/JPY Price Forecast: Trapped within the 134.50-135.45 range amidst the lack of a catalyst.

Christian Borjon Valencia FXStreet

EUR/JPY is subdued as the Asian Pacific session begins, within Wednesday’s 134.70/135.45 range, amidst a dismal sentiment, courtesy of continuing Ukraine-Russia hostilities and global central bank tightening. At the time of writing, the EUR/JPY is trading at 134.99.

On Wednesday, the EUR/JPY opened near the day’s lows and seesawed near the 50-hour simple moving average (SMA) around 134.80s. EUR/JPY bulls entered the market in the European session and lifted the pair above the 135.00 mark, but the Fed’s March minutes increased risk-aversion, dragging the cross-currency down towards current levels.

EUR/JPY Price Forecast: Technical outlook

After reaching a YTD high at 137.54, the EUR/JPY slid almost 300 pips in three consecutive days. Since then, the EUR/JPY has been range-bound in the 134.50-135.45 range, unable to break upwards/downwards of its boundaries. Nevertheless, the Relative Strength Index (RSI) at 60.98 exited overbought conditions on March 30, when the pair fell from 136.84 to 134.60 and has enough room to spare in the case that EUR bulls aim to push prices higher.

Upwards, the EUR/JPY’s first resistance would be 135.00. A decisive break would expose 135.45, followed by the 136.00 mark. On the flip side, the EUR/JPY first support would be 134.50. Breach of the latter would expose April 5 daily low at 134.29, followed by the psychological 134.00 level.

Technical levels to watch

EUR/JPY

Overview
Today last price	134.99
Today Daily Change	0.15
Today Daily Change %	0.11
Today daily open	134.81

Trends
Daily SMA20	132.56
Daily SMA50	130.82
Daily SMA100	130.08
Daily SMA200	130.16

Levels
Previous Daily High	135.13
Previous Daily Low	134.3
Previous Weekly High	137.54
Previous Weekly Low	134
Previous Monthly High	137.54
Previous Monthly Low	124.39
Daily Fibonacci 38.2%	134.81
Daily Fibonacci 61.8%	134.62
Daily Pivot Point S1	134.36
Daily Pivot Point S2	133.91
Daily Pivot Point S3	133.53
Daily Pivot Point R1	135.19
Daily Pivot Point R2	135.58
Daily Pivot Point R3	136.03

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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