EUR/JPY Price Analysis: Refreshes five-week highs, above the 139.00 mark

EUR/JPY is recording gains of almost 1.50% during the week.
Buyers reclaiming the 100 and the 50-DMA is exacerbating a move towards 140.00.

Christian Borjon Valencia FXStreet

The EUR/JPY slightly rises as the Asian Pacific session began, following Tuesday’s positive trading session, which witnessed the cross reclaiming the 100-day EMA at 138.31. Nevertheless, the cross-currency faced solid resistance around the 50-day EMA at 138.85, achieving a close above the former. At the time of writing, the EUR/JPY is trading at 139.00.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY daily chart illustrates the pair breaking a market structure to the upside when the pair cleared the 138.39 mark. That opened the door for further gains, once longs stepped in, as the EUR/JPY gets ready to test the 140.00 mark ahead of the ECB’s next week’s monetary policy meeting.

Worth noting that the Relative Strength Index (RSI) lies at 57.77, with enough room to spare, before reaching overbought territory; hence, the EUR/JPY bias is upwards.

The EUR/JPY’s first resistance would be the 140.00 mark. Once cleared, the next resistance would be the July 21 daily high at 142, 32, followed by the YTD high at 144.27

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	139
Today Daily Change	0.28
Today Daily Change %	0.20
Today daily open	138.72

Trends
Daily SMA20	136.87
Daily SMA50	138.76
Daily SMA100	138.29
Daily SMA200	134.31

Levels
Previous Daily High	138.98
Previous Daily Low	137.04
Previous Weekly High	137.97
Previous Weekly Low	135.52
Previous Monthly High	142.43
Previous Monthly Low	135.55
Daily Fibonacci 38.2%	138.24
Daily Fibonacci 61.8%	137.78
Daily Pivot Point S1	137.51
Daily Pivot Point S2	136.31
Daily Pivot Point S3	135.57
Daily Pivot Point R1	139.45
Daily Pivot Point R2	140.18
Daily Pivot Point R3	141.39

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.

AUD/USD stays weak above 0.6900 after China’s trade data

AUD/USD struggles to capitalize on the previous day’s recovery and stays defensive on the 0.6900 level following the narrowing of trade surplus in China. Increased December Fed rate hike bets allows the US Dollar to pause its decline and weigh on the pair. US CPI data is next of note for the major.

USD/JPY retakes 158.00 on weak Japanese data; focus shifts to US CPI

USD/JPY attracts some dip-buyers and retakes 158.00 in the Asian session on Tuesday as a fall in Japan’s Household Spending offsets hawkish BoJ Summary of Opinions, undermining the Japanese Yen. Moreover, Fed hike bets support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.

Gold sticks to modest losses amid Fed hike bets; holds above $4,100 ahead of US CPI

Gold meets fresh supply, eroding a part of the previous day's strong gains to the $4,150 resistance zone, albeit it holds above the $4,100 mark heading into the European session. Firming US Federal Reserve rate-hike expectations turn out to be a key factor driving flows away from the non-yielding bullion. Meanwhile, the US Dollar struggles to lure buyers amid mixed signals regarding the state of diplomatic talks between the US and Iran, offering some support to the commodity as traders seem hesitant ahead of US consumer inflation figures.

Bitcoin hits lowest weekly close since August as short-term holders slip into losses

Bitcoin fell below $75,000 on Tuesday, after recording its lowest weekly close since August as selling pressure pushed recent buyers into losses.

This weeks’ two big inflation reports will offer perspective

Payrolls on Friday surprised with a big gain, 165,000 new jobs rather than the 65,000 forecast. Also the unemployment rate fell from 4.2% to 4.1% although average hourly earnings are up only 0.4% ($32.75). This weeks’ two big inflation reports will offer perspective. Tomorrow it’s CPI and on Friday, which is a Friday the 13th, it’s PPI.

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.