- EURJPY is moving with no clear direction below 147.00.
- The markets remain calm pending the outcome of the mid-term elections in the United States.
The euro is trading almost flat against the yen for the second day in a row. Upside attempts remain capped below 147.00, while support at 146.30 area keeps bears in check.
The pair hesitates with the market in a waiting position
The euro has lost the upward momentum seen late last week and early this week. The pair’s recovery from the 144.00 area gave way at 147.00 as investors became more cautious on the uncertainty of the US mid-term elections and ahead of US CPI figures.
Euro bulls should break above 147.00/10 level to regain positive traction and extend gains towards 147.75 (Oct 26-31 highs) ahead of 148.40 long-term high.
To the downside, a successful breakout of the 100-period SMA could increase negative pressure to head towards the 146.00 area, where the 50-period SMA meets the 8 Nov lows. Below here, the next target would be the 6th Nov low at 145.50.
EURJPY 4 hour chart
Technical levels to watch
Source: Fx Street
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