#EURJPY @ 143.601 The approaches the top of the 142.50-143.60 range, eyeing a break that could bolster the cross toward 145.00. (Pivot Orderbook analysis)

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• The EUR/JPY approaches the top of the 142.50-143.60 range, eyeing a break that could bolster the cross toward 145.00.
• Short term, the EUR/JPY is neutral biased, but recent verbal Intervention by Japanese authorities in the last week bolstered the yen.

The pair currently trades last at 143.601.

The previous day high was 143.58 while the previous day low was 142.51. The daily 38.2% Fib levels comes at 142.92, expected to provide support. Similarly, the daily 61.8% fib level is at 143.17, expected to provide support.

On Monday, the EUR/JPY erased last Friday’s losses, though remained trading subdued, amidst an upbeat Wall Street session, with most US equities finishing the day in the green. At the time of writing, the EUR/JPY is trading at 143.62, above the opening price by 0.06%, as the Asian session begins.

The EUR/JPY continues to trade within the 142.50-143.60 range for the third consecutive trading session. Even though buyers reclaimed control, they need a clear break above the top of the range to challenge the psychological 144.00 figure. If that scenario plays out, EUR/JPY traders should be aware that the Relative Strength Index (RSI) exited overbought conditions, with readings of 64, aiming upwards, meaning that the upward move might be capped nearby the YTD highs at 145.63

Short term, the cross-currency pair remains neutral. Even though most of the EMAs reside below the exchange rate, price action in the last three days consolidated to a narrow range, forming a bearish rectangle after the EUR/JPY reached the YTD high at 145.63. Therefore, the EUR/JPY could be headed to the downside, bolstered by technical factors and Japanese authorities’ verbal intervention in the FX markets.

Therefore, the EUR/JPY first support would be the 20-EMA at 143.17. Break below will immediately expose the S1 pivot at 143.00, followed by the S2 daily pivot at 142-49.

Technical Levels: Supports and Resistances

EURJPY currently trading at 143.67 at the time of writing. Pair opened at 143.21 and is trading with a change of 0.32 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.49, 50 SMA 138.9, 100 SMA @ 138.98 and 200 SMA @ 135.27.

The previous day high was 143.58 while the previous day low was 142.51. The daily 38.2% Fib levels comes at 142.92, expected to provide support. Similarly, the daily 61.8% fib level is at 143.17, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 142.62, 142.04, 141.56
• Pivot resistance is noted at 143.69, 144.16, 144.75

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