- The Euro reached multi-week highs but pulled back and broke above the 20 and 50 day EMAs.
- EUR/JPY – A decisive break below 143.00 could pave the way towards the 100 and 200 day EMAs around 142.55 and 139.88.
The EUR/JPY pair loses some of its earlier gains after reaching a daily high at 145.34 and falls more than 140 points in the North American session on mid-Tuesday, down 1.02%. At the time of writing these lines, the EUR/JPY pair is trading at 143.58.
EUR/JPY Price Analysis: Technical Perspective
The EUR/JPY pair maintains a neutral trend. After breaching the upper trend line of a descending channel on Monday, the pair pairs those gains and is back within the limits of the former. Also, on its way south, EUR/JPY conquered the 20 and 50 day EMAs around 143.89/144.04, with an eye on a test of last week’s lows around 143.09.
Oscillators such as the Relative Strength Index (RSI) crossing below 50, in bearish territory and the Rate of Change (RoC) below 0, suggest that the sellers are gathering momentum, which would bring the 100 day EMA into play. and also the bottom of the descending channel ahead of the 200 day EMA at 139.88.
Therefore, the first support for EUR/JPY would be 143.09. A break below will expose the 100 day EMA at 142.55, followed by the December 2 high at 142.54, and the 200 day EMA at 139.88.
EUR/JPY Technical Levels
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.
