- EUR/JPY retreats from three-week-old resistance line, depressed near the intraday low of late.
- Multiple hurdles stand tall to challenge bears; bulls need validation from 144.20.
- RSI’s retreat from overbought territory suggests a mild pullback in prices, bullish MACD signals favor buyers.
EUR/JPY licks its wounds around the intraday low of 143.50 as it consolidates the previous day’s heavy gains during early Thursday in Europe.
The cross-currency pair rallied the most since early January 2023 before reversing from a downward-sloping trend line from March 07. The pullback moves also take clues from the RSI’s (14) retreat from the overbought territory. As a result, the quote’s short-term downside can’t be ruled out.
However, an upward-sloping support line from the last Friday, close to 143.00 at the latest, restricts the immediate downside of the EUR/JPY.
Following that, the 100-SMA and a two-week-long previous resistance line, respectively near 142.45 and 142.10 in that order, could challenge the EUR/JPY bears. It’s worth noting that the 142.00 round figure acts as the last defense of the pair buyers.
On the contrary, recovery moves need a clear upside break of the aforementioned three-week-old resistance line, around 144.20 at the latest.
In that case, the monthly high of around 145.50 may act as an intermediate halt before fueling the price towards the multi-year top marked in February, around 148.40.
Overall, EUR/JPY remains on the bull’s radar despite the latest pullback.
EUR/JPY: Four-hour chart
Limited downside expected
Additional important levels
|Today last price||143.63|
|Today Daily Change||-0.44|
|Today Daily Change %||-0.31%|
|Today daily open||144.07|
|Previous Daily High||144.1|
|Previous Daily Low||141.79|
|Previous Weekly High||143.63|
|Previous Weekly Low||138.83|
|Previous Monthly High||145.47|
|Previous Monthly Low||139.55|
|Daily Fibonacci 38.2%||143.22|
|Daily Fibonacci 61.8%||142.68|
|Daily Pivot Point S1||142.54|
|Daily Pivot Point S2||141.01|
|Daily Pivot Point S3||140.23|
|Daily Pivot Point R1||144.85|
|Daily Pivot Point R2||145.63|
|Daily Pivot Point R3||147.16|
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