Markets

EUR/JPY Price Analysis: Near-Term Outlook Turns Negative

March 16, 2023
1:06 PM

EUR/JPY suffered a sharp decline on Wednesday below the 141.00 zone.
The next downside target is the year low near 137.40.

He USD/JPY remains defensive and returns to the area below 141.00 after the previous move higher to the 141.55/60 band on Thursday.

The sharp retracement could now prompt the cross to revisit the March low at 139.48 (March 15), while a break of the latter could trigger a likely visit to the 2023 low at 137.38 (Jan 3) to emerge on The horizon.

In the meantime, further losses are expected as the cross trades below the 200-day SMA.

EUR/JPY daily chart

EUR/JPY Technical Levels

USD/JPY

Panorama
Last Price Today	140.1
Today’s Daily Change	-1.00
Today’s Daily Change %	-0.71
Today’s Daily Open	141.1

Trends
20 Daily SMA	143.83
SMA of 50 Daily	142.13
SMA of 100 Daily	142.96
SMA of 200 Daily	141.81

levels
Previous Daily High	144.96
Minimum Previous Daily	139.48
Previous Weekly High	145.44
Previous Weekly Minimum	143.35
Maximum Prior Monthly	145.47
Minimum Prior Monthly	139.55
Daily Fibonacci 38.2%	141.58
Daily Fibonacci 61.8%	142.87
Daily Pivot Point S1	138.74
Daily Pivot Point S2	136.37
Daily Pivot Point S3	133.25
Daily Pivot Point R1	144.22
Daily Pivot Point R2	147.33
Daily Pivot Point R3	149.7

Source: Fx Street

Joshua

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.