- The EUR/JPY lost almost 0.05% after hitting a high at around 141.60s.
- EUR/JPY Price Analysis: To remain sideways, ahead of the ECB’s decision.
The EUR/JPY trims some of its earlier gains after hitting a daily high of 141.61, shy of the 100-day Exponential Moving Average (EMA) at 141.79, and drops towards the 141.40 area, holding to its gains. At the time of writing, the EUR/JPY is trading at 141.47, above its opening price by a slight margin of 0.02%.
EUR/JPY Price Analysis: Technical outlook
During the last seven days, the EUR/JPY pair has been unable to reach new highs, above the January 25 daily high at 142.29, exacerbating a consolidation within the 20 and 50-day EMA. Backed by the Relative Strength Index (RSI) and the Rate of Change (RoC) almost flat at neutral levels, the EUR/JPY pair would remain trendless, awaiting the Europen Central Bank (ECB) monetary policy on Thursday.
A bullish scenario would trigger once the EUR/JPY breaks above the 50-day EMA At 141.68, closely followed by the 100-day EMA at 141.79. A breach of those two EMAs will set the EUR/JPY to test the January 11 daily high of 142.85 and the 143.00 figure.
On the other hand, the EUR/JPY would resume its bearish bias, below the 20-day EMA at 140.98. Once cleared, the 200-day EMA at 140.25 would be tested by EUR bears, followed by a dip towards the 140.00 mark.
EUR/JPY Key Technical Levels
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