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EURJPY Price Analysis: A bullish pattern to open the way to 146.00 and beyond

  • A bullish candlestick pattern on the daily chart of the EURJPY could open the door for further gains.
  • If EURJPY struggles against 146.00, a drop towards 144.00 is anticipated, before the 50 day EMA at 143.15.

The EURJPY rises during the North American session, forming a bullish engulfing pattern on the daily chart, near the weekly lows around 144.00, and is set to end the week with losses of 0.66%. At the time of this writing, the EURJPY is trading at 145.89, up almost 1% from its opening price.

EURJPY Price Analysis: Technical Outlook

As mentioned above, the daily chart of the EURJPY is showing a bullish two-candle formation which suggests that the upward pressure is building on the pair. The Relative Strength Index (RSI) offers additional confirmation as the oscillator dipped towards the 50 midline, but as price action rallied towards fresh 2-day highs below 146.00, the slope The RSI turned bullish, in step with the EURJPY price action.

If the EURJPY breaks above the 146.00 figure, it will pave the way for further gains. First up is the 2nd Nov daily high at 146.48, followed by the 147.00 figure, ahead of the 31st Oct swing high around 147.74.

On the other hand, if it fails to break above 146.00, the EURJPY could drop towards the 3rd Nov low of 144.03. A breakout of the latter will expose crucial demand zones such as the 50 day EMA at 143.15, ahead of the psychological figure at 143.00 and the signal at 142.00.

EURJPY Key Technical Levels

EUR/JPY

Overview
last price today 145.89
Today I change daily 1.50
Today’s daily variation in % 1.04
Daily opening today 144.36
Trends
daily SMA20 145.34
daily SMA50 143.03
daily SMA100 140.97
daily SMA200 137.65
levels
Previous daily high 145.5
Previous Daily Low 144.04
Previous Weekly High 147.72
Previous Weekly Low 143.73
Previous Monthly High 148.4
Previous Monthly Low 140.9
Daily Fibonacci of 38.2% 144.59
Daily Fibonacci of 61.8% 144.94
Daily Pivot Point S1 143.76
Daily Pivot Point S2 143.17
Daily Pivot Point S3 142.3
Daily Pivot Point R1 145.23
Daily Pivot Point R2 146.09
Daily Pivot Point R3 146.69

Source: Fx Street

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