EUR/JPY Price Analysis: Well-set for further downside below 146.00

EUR/JPY breaks five-week-old support line during three-day downtrend.
MACD prints the biggest bearish signal in a month.
A daily closing below September’s peak becomes necessary for the buyers to leave the table.

Anil Panchal FXStreet

EUR/JPY drops half a percent as the bears keep reins around 145.80, down for the third consecutive day to early Wednesday morning in Europe.

The cross-currency pair’s latest weakness could be linked to the seller’s ability to conquer an upward-sloping support line from September 26, now resistance around 146.15. Also adding strength to the downside bias is the strongest bearish MACD signal since October 03.

That said, the EUR/JPY pair’s further downside needs to provide a daily closing below September’s peak of 145.63 to keep the sellers hopeful. Also acting as a downside filter is the 21-DMA level surrounding 145.15.

In a case where the quote remains bearish below 145.15, the odds of its south-run towards 144.10-00 area comprising tops marked since October 20 can’t be ruled out.

Alternatively, recovery moves need a daily close beyond the support-turned-resistance line around 146.15.

Even so, a descending trend line from October 21, close to 147.50 by the press time, will act as the last defense of the bears.

Should the EUR/JPY prices remain firmer past 147.50, the previous monthly high of 148.40 and the upper line of a 3.5-month-old bullish channel, around 149.10, will be in focus.

EUR/JPY: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	145.79
Today Daily Change	-0.67
Today Daily Change %	-0.46%
Today daily open	146.46

Trends
Daily SMA20	145.12
Daily SMA50	142.7
Daily SMA100	140.87
Daily SMA200	137.49

Levels
Previous Daily High	147.12
Previous Daily Low	145.97
Previous Weekly High	147.72
Previous Weekly Low	143.73
Previous Monthly High	148.4
Previous Monthly Low	140.9
Daily Fibonacci 38.2%	146.41
Daily Fibonacci 61.8%	146.68
Daily Pivot Point S1	145.92
Daily Pivot Point S2	145.37
Daily Pivot Point S3	144.77
Daily Pivot Point R1	147.06
Daily Pivot Point R2	147.67
Daily Pivot Point R3	148.21

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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