- The EURJPY fails to break through the confluence of resistance and the 20-DMA around 145.40.
- JPY buyers are gathering momentum as RSI shows in bearish territory, pointing lower.
The EURJPY down 0.05% at the start of the Asian Pacific session, thanks to a risk-off boost weighing on the euro, which posted losses of 0.45% against the yen on Thursday. At the time of writing, the EURJPY is trading at 144.50.
EURJPY Price Analysis: Technical Outlook
The daily chart of the EURJPY shows that the buyers of the Japanese yen are gaining momentum due to a few reasons. Firstly, since hitting a 2022 high at 148.40, the currency pair ranged for five days before falling to fresh weekly lows at 144.03. Second, the Relative Strength Index (RSI) crossed below the 50 midline with a bearish slope, suggesting a test of the 50-day EMA at 143.12.
In this scenario, the first support for the EURJPY would be the 144.00 signal. Key support levels lie at the daily low of Oct 24 at 143.72, followed by the aforementioned 50-day EMA at 143.12. The break below will expose the psychological level of 143.00.
Conversely, if Euro bulls retake 145.00, EURJPY could rally towards 146.00, which, once broken, could set the stage for the psychological level of 147.00, before the all-time high of 148.40.
EURJPY Key Technical Levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
