EUR/JPY Price Analysis: Pares the biggest daily gains in two months below 144.00


  • 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

Overview
Today last price 143.63
Today Daily Change -0.44
Today Daily Change % -0.31%
Today daily open 144.07
 
Trends
Daily SMA20 142.94
Daily SMA50 142.47
Daily SMA100 142.53
Daily SMA200 141.83
 
Levels
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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