EUR/JPY Price Analysis: Reversal to 140.00 looks possible ahead of BOJ policy

EUR/JPY has managed to retreat back into the consolidation area placed in a range of 138.84-143.00.
The cross has picked strength as anxiety among investors soars ahead of BOJ policy.
A range shift by the RSI (14) into the 40.00-60.00 from the bearish territory indicates that the downside momentum has faded,

Sagar Dua FXStreet

The EUR/JPY pair has sensed a buying interest after a marginal correction to near 139.00 in the Tokyo session. The cross has resumed its upside journey and has surpassed the immediate resistance of 139.30. The asset is gaining strength ahead of the monetary policy announcement by the Bank of Japan (BoJ).

Investors will keep an eye on commentary from BOJ Governor Haruhiko Kuroda amid growing chatters over an exit from the ultra-loose monetary policy by the BOJ.

EUR/JPY has managed to retreat back into the consolidation area placed in a range of 138.84-143.00. The cross sensed a responsive buying action after dropping to near 138.00 last week. A recovery move by the Euro is pushing the asset toward the 20-period Exponential Moving Average (EMA) at 139.56, which might strengthen the shared currency bulls further.

A range shift move by the Relative Strength Index (RSI) (14) from the bearish region of 20.00-40.00 to the 40.00-60.00 territory is indicating that the downside momentum has almost faded now.

For further upside, a break above January 5 low at 139.97 will drive the asset towards January 6 high at 141.45 followed by December 28 high around 143.00.

On the flip side, a downside move below the previous week’s low at 138.00 will drag the cross toward January 3 low at 137.39. A slippage below the latter will expose the asset for more downside toward April 14 low at 135.51.

EUR/JPY four-hour chart

EUR/JPY

Overview
Today last price	139.44
Today Daily Change	0.35
Today Daily Change %	0.25
Today daily open	139.09

Trends
Daily SMA20	140.65
Daily SMA50	142.91
Daily SMA100	143.14
Daily SMA200	140.72

Levels
Previous Daily High	139.3
Previous Daily Low	138.24
Previous Weekly High	142.86
Previous Weekly Low	138.01
Previous Monthly High	146.73
Previous Monthly Low	138.8
Daily Fibonacci 38.2%	138.89
Daily Fibonacci 61.8%	138.64
Daily Pivot Point S1	138.45
Daily Pivot Point S2	137.81
Daily Pivot Point S3	137.39
Daily Pivot Point R1	139.52
Daily Pivot Point R2	139.94
Daily Pivot Point R3	140.58

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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