#EURJPY @ 141.588 bounces nearby the 20-day EMA and jumps more than 200 pips on Tuesday. (Pivot Orderbook analysis)

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• EUR/JPY bounces nearby the 20-day EMA and jumps more than 200 pips on Tuesday.
• The EUR/JPY daily bias shifted from neutral to upwards.
• In the near term, a re-test of the YTD high at 144.27 is likely if EUR/JPY buyers reclaim 142.32; otherwise, it might fall towards 138.00.

The pair currently trades last at 141.588.

The previous day high was 139.67 while the previous day low was 138.69. The daily 38.2% Fib levels comes at 139.3, expected to provide support. Similarly, the daily 61.8% fib level is at 139.07, expected to provide support.

The EUR/JPY rallies sharply as the Japanese yen continues weakening across the FX board, up by almost 1.50%, nearly 200 pips. At the time of writing, the EUR/JPY is trading at 141.53, some pips below the seven-week high.

The EUR/JPY extended its gains for the second consecutive day during the week. The cross-currency pair bounced off the week’s lows at 136.91, so far advancing close to 300 pips, and on its way north, it cleared the September 2 daily high at 140.75. Therefore, the EUR/JPY bias shifted from neutral to upward biased, opening the door for further gains.

The EUR/JPY four-hour chart depicts the pair as upward biased, clearing crucial supply areas on its rally above 141.50. If EUR/JPY buyers reclaim the July 21 daily high at 142.32, a test of the YTD at 144.27 is on the cards.

Therefore, the EUR/JPY’s first resistance would be the 142.00 mark. Break above will expose the July 21 high at 142.32, followed by the 143.00 figure and the YTD high target. On the flip side, the EUR/JPY first support would be the September 2 daily high at 140.75, followed by the 20-EMA at 139.95 and the 50-EMA at 138.70.

Technical Levels: Supports and Resistances

EURJPY currently trading at 141.53 at the time of writing. Pair opened at 139.64 and is trading with a change of 1.35 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 137.61, 50 SMA 138.38, 100 SMA @ 138.45 and 200 SMA @ 134.58.

The previous day high was 139.67 while the previous day low was 138.69. The daily 38.2% Fib levels comes at 139.3, expected to provide support. Similarly, the daily 61.8% fib level is at 139.07, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 139.0, 138.36, 138.02
• Pivot resistance is noted at 139.98, 140.31, 140.95

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