- EUR/JPY is picking up ground and hitting a fresh 3-day high at 141.97, away from 142.00.
- EUR/JPY Price Analysis: Sideways Waiting for a Catalyst to Take Direction.
The euro (EUR) is regaining some ground against the Japanese yen (JPY) as the Wall Street close looms, after hitting two-week lows at 140.55, though staged a comeback and traveled back to the day’s high. at 141.97. At the time of writing these lines, the pair USD/JPY trades at 141.50, above its opening price.
EUR/JPY Price Analysis: Technical Perspective
Following a recovery from the Jan 19 daily low of 137.91 to the Jan 25 daily high of 142.29, USD/JPY remains stuck in a 250 point range within the 140.75-142.39 zone for five days . Furthermore, the 20-day EMA at 140.94 and the 50-day EMA at 141.70 acted as support/resistance for the range. Therefore, EUR/JPY is trendless in the absence of a catalyst.
As for oscillators, the Relative Force Index (RSI) in bullish territory supported today’s price action, contrary to the Rate of Change (RoC), which indicates that sellers are starting to gather momentum.
Therefore, the first resistance for the EUR/JPY would be the 50 day EMA at 141.70 and it could rally once broken. The next resistance would be the psychological level of 142.00, before the high of Wednesday the 25th at 142.29, followed by 143.00.
In an alternate scenario, if the USD/JPY pair breaks down, it would expose key support levels. First the 20-day SMA at 140.94, followed by the 200-day EMA at 140.24, and then the psychological level of 140.00.
EUR/JPY Price Analysis
Source: Fx Street
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.
