EUR/JPY Price Analysis: Struggles at solid resistance nearby 141.65, as a doji emerges

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.

Christian Borjon Valencia FXStreet

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

EUR/JPY

Overview
Today last price	141.36
Today Daily Change	-0.14
Today Daily Change %	-0.10
Today daily open	141.5

Trends
Daily SMA20	140.52
Daily SMA50	142.05
Daily SMA100	143.07
Daily SMA200	140.88

Levels
Previous Daily High	141.98
Previous Daily Low	140.56
Previous Weekly High	142.3
Previous Weekly Low	140.47
Previous Monthly High	146.73
Previous Monthly Low	138.8
Daily Fibonacci 38.2%	141.44
Daily Fibonacci 61.8%	141.1
Daily Pivot Point S1	140.71
Daily Pivot Point S2	139.92
Daily Pivot Point S3	139.29
Daily Pivot Point R1	142.13
Daily Pivot Point R2	142.77
Daily Pivot Point R3	143.56

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: $4,150 remains a tough nut to crack as US CPI report looms

Gold pauses recovery near $4,150 as sellers jump in amid pre-US CPI profit-taking. US Dollar licks wounds amid US-Iran optimism and falling Oil prices-led easing inflation concerns. Gold reclaimed key 21-day SMA support on the daily chart as RSI flipped bullish.

XRP and XLM extend losses as bears hold strong

Ripple (XRP) and Stellar (XLM) remain under pressure, trading below $1.093 and around $0.146 respectively on Tuesday as bears maintain control of momentum. In addition, weakening on-chain and derivatives metrics suggest that both XRP and XLM are at risk of a deeper correction in the coming days. CryptoQuant’s summary data shows a bearish outlook for both altcoins.

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.