EUR/JPY Price Analysis: The picture remains constructive above 138.60

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  • EUR/JPY extends downside correction below 142.00.
  • Above 138.60, the cross is likely to continue moving higher.

The EUR/JPY falls for the third session in a row on Thursday, this time breaking below key support at 142.00.

Despite the ongoing correction, the bullish bias on the cross remains as long as the support line around 138.60 holds the downside. This containment zone is currently reinforced by the 55-day SMA.

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The resumption of the bullish bias could bring the year’s high at 144.27 (June 28) back on the radar ahead of the round level at 145.00 and before the 2015 high at 145.32 (Jan 2).

EUR/JPY daily chart

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Technical levels

EUR/JPY

Panorama
Last Price Today 141.71
Today’s Daily Change -0.90
Today’s Daily Change % -0.63
Today’s Daily Opening 142.61
Trends
20 Daily SMA 141.83
50 Daily SMA 138.67
100 Daily SMA 135.43
200 Daily SMA 132.75
levels
Previous Daily High 143.86
Previous Daily Minimum 142.49
Previous Maximum Weekly 144.24
Previous Weekly Minimum 141.39
Monthly Prior Maximum 138.32
Previous Monthly Minimum 132.66
Daily Fibonacci 38.2% 143.01
Daily Fibonacci 61.8% 143.33
Daily Pivot Point S1 142.11
Daily Pivot Point S2 141.61
Daily Pivot Point S3 140.74
Daily Pivot Point R1 143.48
Daily Pivot Point R2 144.36
Daily Pivot Point R3 144.86

Source: Fx Street

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