- EUR/JPY recoups Friday’s losses and breaks back above 148.00.
- Above 148.40, the pair will look for the 2014 high at 149.80.
- To the downside, the break of the 144.00 support would nullify the bullish bias.
The four-hour chart shows uptrend support from the late September lows intact, and the pair in a steady uptrend making higher highs and higher lows.
Positive price action is likely to push the pair towards Friday’s high of 148.40. A confirmation above here would put the focus on the 2014 high at 149.80 ahead of the psychological level at 150.00.
To the downside, the 50-period SMA has been holding off bearish attempts in recent sessions with another major support zone at 144.00 (Trendline support and 100-period SMA). Below here, the pair would negate the short-term uptrend, probably targeting the 141.00 area (10,11 Oct lows).
EUR/JPY 4-hour chart
Technical levels to watch
Source: Fx Street
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