EUR/JPY rose to highs since early September, around 158.90

EUR/JPY rose to a daily high of 158.92 and then settled at 158.60.
Indicators suggest that the buyers have the upperhand in the short term, but momentum is weak.

Patricio Martín FXStreet

The EUR/JPY’s bulls stepped in on Thursday and advanced to multi-month highs around 158.90. The daily chart suggests that the technical bias is neutral to bullish as the bulls still have more work and the momentum doesn't seem to be enough to trigger the next upwards leg. The neutrality is also given by the pair side-ways trading since September.

The daily Relative Strength Index (RSI) is comfortably positioned in the positive territory above its midline and has a mild northward slope, complemented by a positive signal from the Moving Average Convergence Divergence (MACD), which is showing flat red bars, signalling a growing bullish momentum. Moreover, the pair is above the 20,100,200-day Simple Moving Average (SMA), highlighting the continued dominance of bulls on the broader scale. On the four-hour chart, both indicators support the idea that the upward momentum is somewhat weak, as they turned flat on positive territory.

Support levels: 157.50 (20-day SMA), 157.00, 156.50.
Resistance levels:159.00, 159.50, 160.00.

EUR/JPY Daily Chart

EUR/JPY

Overview
Today last price	158.64
Today Daily Change	0.62
Today Daily Change %	0.39
Today daily open	158.02

Trends
Daily SMA20	157.51
Daily SMA50	157.94
Daily SMA100	156.45
Daily SMA200	150.54

Levels
Previous Daily High	158.54
Previous Daily Low	157.69
Previous Weekly High	158.61
Previous Weekly Low	156.51
Previous Monthly High	158.66
Previous Monthly Low	156.58
Daily Fibonacci 38.2%	158.02
Daily Fibonacci 61.8%	158.22
Daily Pivot Point S1	157.63
Daily Pivot Point S2	157.23
Daily Pivot Point S3	156.77
Daily Pivot Point R1	158.48
Daily Pivot Point R2	158.94
Daily Pivot Point R3	159.34

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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