EUR/JPY Price Analysis: More gains expected once the 138.40 level is broken

  • EUR/JPY adds to Thursday’s bounce and approaches 138.00.
  • Further gains seem likely if it closes above the 138.40 area.

The EUR/JPY it bounces further in the second half of the week and looks to retake the 138.00 barrier and higher in the short term.

The continuation of the bullish momentum is expected to find a temporary hurdle at the 100-day SMA at 138.09 before the August high at 138.39 (10 Aug). Breaking above this level should allow for further gains until the 55-day SMA at 139.63 initially.

As long as it is above the 200-day SMA at 133.90, the outlook for the cross is expected to remain constructive. This zone of contention also appears to be underpinned by the approach of the August low at 133.39 (Aug 2).

EUR/JPY daily chart

Technical levels

EUR/JPY

Panorama
Last Price Today 137.42
Today’s Daily Change 0.16
Today’s Daily Change % 0.12
Today’s Daily Opening 137.26
Trends
20 Daily SMA 138.06
50 Daily SMA 139.81
100 Daily SMA 138.1
200 Daily SMA 133.9
levels
Previous Daily High 137.4
Previous Daily Minimum 136.3
Previous Maximum Weekly 137.76
Previous Weekly Minimum 133.4
Monthly Prior Maximum 142.43
Previous Monthly Minimum 135.55
Daily Fibonacci 38.2% 136.98
Daily Fibonacci 61.8% 136.72
Daily Pivot Point S1 136.57
Daily Pivot Point S2 135.89
Daily Pivot Point S3 135.48
Daily Pivot Point R1 137.67
Daily Pivot Point R2 138.08
Daily Pivot Point R3 138.77

Source: Fx Street

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