EUR/JPY Price Analysis: Trapped within the 20/50-day EMAs, hovers around 141.50

EUR/JPY stages a comeback and hits a three-day new high at 141.97, shy of the 142.00 mark.
EUR/JPY Price Analysis: Sideways awaiting a catalyst to gather direction.

Christian Borjon Valencia FXStreet

The Euro (EUR) is recovering some ground against the Japanese Yen (JPY), as the Wall Street close looms, after hitting two-week lows of 140.55, though it staged a comeback and traveled back to the day’s high at 141.97. At the time of writing, the EUR/JPY exchanges hands at 141.50, above its opening price.

EUR/JPY Price Analysis: Technical outlook

After rallying from the January 19 daily low of 137.91 towards the January 25 daily high of 142.29, the USD/JPY remains trapped in a 250 pip range within the 140.75-142.39 range for the last five days. Furthermore, the 20-day Exponential Moving Average (EMA) at 140.94 and the 50-day EMA at 141.70 acted as the support/resistance of the range. Therefore, the EUR/JPY is trendless amid the lack of a catalyst.

Oscillator-wise, the Relative Strength Index (RSI) at bullish territory backed today’s price action, contrary to the Rate of Change (RoC), which indicates sellers are beginning to gather momentum.

Therefore, the EUR/JPY first resistance would be the 50-day EMA at 141.70 and might rally once broken. The next resistance would be the 142.00 psychological level, ahead of the Wednesday 25 high at 142.29, followed by the 143.00 figure.

In an alternate scenario, if the USD/JPY pair breaks downwards, it would expose key support levels. First, the 20-day EMA at 140.94, followed by the 200-day EMA at 140.24, and then the psychological 140.00 mark.

EUR/JPY Price Analysis

EUR/JPY

Overview
Today last price	141.49
Today Daily Change	0.37
Today Daily Change %	0.26
Today daily open	141.12

Trends
Daily SMA20	140.42
Daily SMA50	142.13
Daily SMA100	143.1
Daily SMA200	140.86

Levels
Previous Daily High	141.92
Previous Daily Low	140.82
Previous Weekly High	142.3
Previous Weekly Low	140.47
Previous Monthly High	146.73
Previous Monthly Low	138.8
Daily Fibonacci 38.2%	141.24
Daily Fibonacci 61.8%	141.5
Daily Pivot Point S1	140.65
Daily Pivot Point S2	140.19
Daily Pivot Point S3	139.56
Daily Pivot Point R1	141.75
Daily Pivot Point R2	142.38
Daily Pivot Point R3	142.85

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.

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