EUR/JPY Price Analysis: Yen bulls defended 20-EMA, 141.40 a critical hurdle

The eurozone bulls have weakened on failing to cross the 20-EMA.
Auctioning in a falling channel adds to the downside filters.
The RSI (14) is attempting to slip below 40.00, which will strengthen the yen bulls further.

Sagar Dua FXStreet

The EUR/JPY pair is experiencing stiff resistance from 141.00 in the Asian session. The cross is expected to see more downside after slipping below the intraday low at 141.84. On a broader note, the asset is declining from the past week after sensing offers while testing June 22 high at 144.25.

The asset is declining in a Falling Channel on an hourly scale. The upper and lower portion of the chart pattern is placed from June 29 high and low at 143.86 and 142.49 respectively. For the shared currency bulls, the horizontal resistance at 141.40 will be a critical hurdle.

The 20-period Exponential Moving Average (EMA) at 141.16 has been smoothly defended by the Japanese yen bulls. Also, the 50-period EMA at 141.65 is scaling lower firmly which adds to the downside filers.

Meanwhile, the Relative Strength Index (RSI) (14) is attempting to slide below 40.00, which will strengthen the yen bulls further.

A pullback move towards the critical hurdle of the June 24 low at 141.40 will be a bargain sell for the market participants, which will drag the asset towards June 16 high at 139.96, followed by June 1 high at 138.98.

On the flip side, the shared currency bulls could regain strength if the asset oversteps Wednesday’s low at 142.03. This will drive the asset towards Tuesday’s high at 142.98. A breach of Tuesday’s high will unleash the eurozone bulls to recapture June 22 high at 144.25.

EUR/JPY hourly chart

EUR/JPY

Overview
Today last price	140.95
Today Daily Change	-0.06
Today Daily Change %	-0.04
Today daily open	141.01

Trends
Daily SMA20	142
Daily SMA50	138.78
Daily SMA100	135.63
Daily SMA200	132.87

Levels
Previous Daily High	142.43
Previous Daily Low	139.79
Previous Weekly High	144.28
Previous Weekly Low	139.79
Previous Monthly High	144.28
Previous Monthly Low	137.93
Daily Fibonacci 38.2%	140.8
Daily Fibonacci 61.8%	141.42
Daily Pivot Point S1	139.72
Daily Pivot Point S2	138.44
Daily Pivot Point S3	137.08
Daily Pivot Point R1	142.36
Daily Pivot Point R2	143.72
Daily Pivot Point R3	145.01

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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