EURJPY Price Analysis: A bullish-engulfing pattern to open the way toward 146.00 and beyond

A bullish-engulfing candle pattern in the EURJPY daily chart could open the door for further gains.
If the EURJPY struggles at 146.00, a fall towards 144.00 is on the cards, ahead of the 50-day EMA at 143.15.

Christian Borjon Valencia FXStreet

The EURJPY rises during the North American session, forming a bullish-engulfing pattern in the daily chart, nearby the weekly lows at around 144.00, and set to finish the week with losses of 0.66%. At the time of writing, the EURJPY is trading at 145.89, above its opening price by almost 1%.

EURJPY Price Analysis: Technical outlook

As abovementioned, the EURJPY daily chart depicts a two-candle bullish formation that suggests upward pressure is mounting on the pair. The Relative Strength Index (RSI) offers further confirmation, as the oscillator dived towards the 50-midline, but as price action spiked towards the fresh two-day high shy of 146.00, the RSI slope turned bullish, in sync with the EURJPY price action.

If the EURJPY clears the 146.00 figure, it will pave the way for further gains. Firstly, the November 2 daily high at 146.48, followed by the 147.00 figure, ahead of the October 31 swing high at around 147.74.

On the other hand, failure to crack 146.00, the EURJPY could tumble towards the November 3 swing low at 144.03. A breach of the latter will expose crucial demand zones like the 50-day Exponential Moving Average (EMA) at 143.15, ahead of the psychological 143.00 figure and the 142.00 mark.

EURJPY Key Technical Levels

EUR/JPY

Overview
Today last price	145.89
Today Daily Change	1.50
Today Daily Change %	1.04
Today daily open	144.36

Trends
Daily SMA20	145.34
Daily SMA50	143.03
Daily SMA100	140.97
Daily SMA200	137.65

Levels
Previous Daily High	145.5
Previous Daily Low	144.04
Previous Weekly High	147.72
Previous Weekly Low	143.73
Previous Monthly High	148.4
Previous Monthly Low	140.9
Daily Fibonacci 38.2%	144.59
Daily Fibonacci 61.8%	144.94
Daily Pivot Point S1	143.76
Daily Pivot Point S2	143.17
Daily Pivot Point S3	142.3
Daily Pivot Point R1	145.23
Daily Pivot Point R2	146.09
Daily Pivot Point R3	146.69

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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