EUR/JPY Price Analysis: Sellers attack 50-SMA below 137.00

EUR/JPY remains pressured towards short-term key SMA after declining the most in more than a week.
Downside break of the one-week-old support line keeps sellers hopeful.
200-SMA, descending trend line from late June adds to the upside filters.

Anil Panchal FXStreet

EUR/JPY holds lower ground near 136.80, after renewing the multi-day low on the break of the weekly support line. However, the 50-SMA challenges the pair sellers during Thursday’s initial Asian session.

Even so, downbeat RSI (14), not oversold, joins the bearish MACD signals to favor EUR/JPY bears.

Hence, the EUR/JPY prices are likely to break the immediate support, namely the 200-SMA level of 136.45, which in turn could direct the quote towards two-week-old horizontal support near 135.70.

Should the pair remains bearish past 135.70, the monthly low near 133.40 will be in focus.

On the flip side, a convergence of the previous support line and the 200-SMA appears a tough nut to crack for the EUR/JPY bulls, around 139.05 at the latest.

Even if the quote rises past 139.05, a downward sloping resistance line from late June, near 139.40-45, will precede the 140.00 threshold to challenge the EUR/JPY pair’s further upside.

Overall, EUR/JPY remains on the bear’s radar while targeting the monthly low as nearby support.

EUR/JPY: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	136.88
Today Daily Change	-1.01
Today Daily Change %	-0.73%
Today daily open	137.89

Trends
Daily SMA20	138.23
Daily SMA50	139.89
Daily SMA100	138.04
Daily SMA200	133.85

Levels
Previous Daily High	138.32
Previous Daily Low	137.26
Previous Weekly High	137.76
Previous Weekly Low	133.4
Previous Monthly High	142.43
Previous Monthly Low	135.55
Daily Fibonacci 38.2%	137.91
Daily Fibonacci 61.8%	137.67
Daily Pivot Point S1	137.33
Daily Pivot Point S2	136.77
Daily Pivot Point S3	136.28
Daily Pivot Point R1	138.38
Daily Pivot Point R2	138.87
Daily Pivot Point R3	139.43

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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