EUR/JPY Price Analysis: Further rally could lead to a revisit of 2022 highs

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  • EUR/JPY corrects lower after briefly breaking above 144.00.
  • Further rallies are expected to challenge the high of recent years beyond 145.00.

EUR/JPY is under pressure after five consecutive daily gains on Wednesday, including a test of the key resistance zone around 144.00.

The continuation of the bounce from last week’s lows remains good for now. That said, if the cross extends the break of the weekly high at 144.04 (Sep 20), it could then challenge the 2022 high at 145.63 (Sep 12).

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Meanwhile, should it continue above the key 200 SMA at 136.04, the constructive outlook for the cross should remain unchanged.

EUR/JPY day chart

EUR/JPY

Panorama
Last Price Today 143.21
Today’s Daily Change -0.74
Today’s Daily Change % -0.51
Today’s Daily Opening 143.95
Trends
20 Daily SMA 142.25
50 Daily SMA 139.37
100 Daily SMA 139.57
200 Daily SMA 136.01
levels
Previous Daily High 144.08
Previous Daily Minimum 141.99
Previous Maximum Weekly 142.29
Previous Weekly Minimum 137.38
Monthly Prior Maximum 145.64
Previous Monthly Minimum 137.38
Daily Fibonacci 38.2% 143.28
Daily Fibonacci 61.8% 142.79
Daily Pivot Point S1 142.6
Daily Pivot Point S2 141.25
Daily Pivot Point S3 140.51
Daily Pivot Point R1 144.69
Daily Pivot Point R2 145.43
Daily Pivot Point R3 146.78

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Source: Fx Street

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