EUR/JPY Price Analysis: Dribbles around five-week top with eyes on 140.00

EUR/JPY struggles to extend five-day uptrend as bulls flirt with lat April tops.
Bullish MACD, firmer RSI portray upside momentum towards the yearly high.
Three-month-long support line appears the key for bears, 61.8% FE lures buyers.

Anil Panchal FXStreet

EUR/JPY pares intraday gains around multi-day high, easing to 138.50 of late, as bulls take a breather during early Thursday morning in Europe.

Despite the cross-currency pair’s failure to extend the four-day uptrend, the quote’s trading beyond the 136.30 support confluence, including the 50-DMA and 23.6% Fibonacci retracement (Fibo.) of March-April upside favor bulls.

Also keeping EUR/JPY buyers are the bullish MACD signals and firmer RSI (14), not overbought.

That said, the yearly high marked in April, around 140.00, appears immediate target for the pair buyers.

However, the RSI conditions may turn overbought around the stated psychological magnet and could trigger a consolidation, failing to do so may propel the EUR/JPY prices towards 61.8% Fibonacci Expansion (FE) of March-May moves, near 142.40.

Alternatively, the pair’s weakness past 136.30 support confluence isn’t an open invitation to the bears as an upward sloping trend line from early March, near 135.80, could also challenge the EUR/JPY downside.

In a case where the pair decline below 135.80, the odds favoring its slump to May’s low near 132.65 can’t be ruled out.

EUR/JPY: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	138.54
Today Daily Change	-0.01
Today Daily Change %	-0.01%
Today daily open	138.55

Trends
Daily SMA20	136.31
Daily SMA50	136.29
Daily SMA100	133.06
Daily SMA200	131.53

Levels
Previous Daily High	138.98
Previous Daily Low	138.1
Previous Weekly High	136.8
Previous Weekly Low	134.66
Previous Monthly High	138.32
Previous Monthly Low	132.66
Daily Fibonacci 38.2%	138.64
Daily Fibonacci 61.8%	138.43
Daily Pivot Point S1	138.1
Daily Pivot Point S2	137.66
Daily Pivot Point S3	137.22
Daily Pivot Point R1	138.99
Daily Pivot Point R2	139.42
Daily Pivot Point R3	139.87

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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