EUR/JPY Price Analysis: Reclaims 140.00, after tumbling to new monthly lows below 139.00

EUR/JPY reached a fresh monthly low at around 138.70, though it trimmed some losses.
Sellers in the EUR/JPY daily and 4-hour chart are gathering momentum, as shown by the RSI.
EUR/JPY Price Analysis: in the 4-hour chart, a break below 140.00 could pave the way toward 138.00.

Christian Borjon Valencia FXStreet

The EUR/JPY dropped to fresh monthly lows at around 138.70, though a confluence of moving averages (MAs), namely the 50 and 100-day EMA meandering around the 139.16/19 area, were difficult hurdles to surpass, while bulls moving in helped to re-conquer the 140.00 psychological level. As the Asian Pacific session begins, the EUR/JPY is trading at 140.13, up by 0.11%.

EUR/JPY Price Analysis: Technical outlook

On Thursday, the cross-currency pair seesawed in a 500 pip range as the Bank of Japan (BoJ) intervention in the USD/JPY sent most yen crosses nosediving sharply. Even though the EUR/JPY remains above the 50 and 100-day EMAs, oscillators, particularly the Relative Strength Index (RSI), fell to negative territory, suggesting that sellers are gathering momentum.

The GBP/JPY four-hour chart shows the 20-EM crossing under the 50 and 100-EMAs, keeping the downward bias intact, though failure to record a daily close below the 200-EMA, staying above 139.98, opened the door towards 140.00. Albeit the EUR/JPY is trading above 140.00, risks are skewed to the downside, as the RSI persists in negative territory, alongside buyers needing to step in and lift prices above the 141.00 price level.

Therefore, the EUR/JPY first support would be the 140.00 figure. Once cleared, the next support would be the 200-EMA at 139.70, followed by the 139.00 psychological level, ahead of the S1 pivot at 138.00. On the flip side, the EUR/JPY first resistance would be the daily pivot at 140.81. The break above will immediately expose the 141.00 figure, which, if cleared, could pave the way toward 142.00.

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	140.24
Today Daily Change	-1.51
Today Daily Change %	-1.07
Today daily open	141.75

Trends
Daily SMA20	141.44
Daily SMA50	139.2
Daily SMA100	139.15
Daily SMA200	135.49

Levels
Previous Daily High	143.6
Previous Daily Low	141.64
Previous Weekly High	145.64
Previous Weekly Low	142.3
Previous Monthly High	139.73
Previous Monthly Low	133.4
Daily Fibonacci 38.2%	142.39
Daily Fibonacci 61.8%	142.85
Daily Pivot Point S1	141.06
Daily Pivot Point S2	140.37
Daily Pivot Point S3	139.1
Daily Pivot Point R1	143.02
Daily Pivot Point R2	144.29
Daily Pivot Point R3	144.98

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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