EUR/JPY Price Analysis: Faces wall of resistance around the 20/100 DMA

On Monday, the EUR/JPY registered minimal gains of 0.14%.
EUR/JPY daily chart depicts the pair as neutral-to-downward biased; however, a break above 137.92 could shift the bias.
Short term, the EUR/JPY is neutral-to-upwards, but breaks below 137.06, shift the bias to neutral.

Christian Borjon Valencia FXStreet

The EUR/JPY seesaws as the Asian Pacific session begins, just below the confluence of the 20 and 100-day EMA, around 137.99-138.19 area, amidst fragile sentiment, as shown by Asian equity futures set to open lower, while US equities closed mixed. At the time of writing, the EUR/JPY is trading at 137.62, slightly up 0.02%.

EUR/JPY Price Analysis: Technical outlook

From a daily chart perspective, the EUR/JPY is bearish biased. Successions of lower highs/lows, alongside daily EMAs above the exchange rate, confirm those above. Also, sellers are gathering momentum, per the Relative Strength Index (RSI) shows, at 46.05, with an almost horizontal slope, but still in negative territory. Therefore, the EUR/JPY's first support would be the August 8 daily low at 137.06. A break below could pave the way towards 135.80 August 5 low, exacerbating further downside action. On the flip side, the EUR/JPY's first resistance would be the August 8 high at 137.92.

EUR/JPY Daily chart

Meanwhile, the EUR/JPY hourly chart portrays an opposite bias to the daily chart, neutral-to-upwards. Factors like the hourly EMAs, below the exchange rate, alongside the Relative Strength Index (RSI) at bullish territory, back up the bias.

Therefore, the EUR/JPY's first resistance would be the confluence of the August 8 high and the R1 pivot around 137.92-138.00. A breach of the latter will expose the R2 daily pivot at 138.40, followed by the R3 pivot point at 138.87. On the other hand, a EUR/JPY break below 137.06 might shift the bias to neutral, opening the door for further losses.

EUR/JPY Hourly chart

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	137.62
Today Daily Change	0.12
Today Daily Change %	0.09
Today daily open	137.5

Trends
Daily SMA20	138.23
Daily SMA50	139.89
Daily SMA100	137.93
Daily SMA200	133.8

Levels
Previous Daily High	137.76
Previous Daily Low	135.8
Previous Weekly High	137.76
Previous Weekly Low	133.4
Previous Monthly High	142.43
Previous Monthly Low	135.55
Daily Fibonacci 38.2%	137.01
Daily Fibonacci 61.8%	136.55
Daily Pivot Point S1	136.28
Daily Pivot Point S2	135.06
Daily Pivot Point S3	134.32
Daily Pivot Point R1	138.24
Daily Pivot Point R2	138.98
Daily Pivot Point R3	140.2

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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