#EURJPY @ 144.649 The is recovering from Tuesday’s losses and rose 0.38% on Wednesday. (Pivot Orderbook analysis)

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• The EUR/JPY is recovering from Tuesday’s losses and rose 0.38% on Wednesday.
• EUR/JPY: Break above 145.30s could pave the way for further gains.

The pair currently trades last at 144.649.

The previous day high was 145.35 while the previous day low was 143.52. The daily 38.2% Fib levels comes at 144.22, expected to provide support. Similarly, the daily 61.8% fib level is at 144.65, expected to provide resistance.

The EUR/JPY erases some of Tuesday’s losses and clings to gains above the psychological 144.00 figure, after a volatile trading session in Wall Street, following the US Federal Reserve (Fed) decision to hike rates by 50 bps. As the Asian Pacific session begins, the EUR/JPY is trading at 144.60.

The EUR/JPY daily chart suggests the cross is slightly upward biased, though with some risks skewed to the downside. For the cross to extend its weekly gains, the EUR/JPY needs to clear the weekly high reached on December 14 at around 145.34, which would exacerbate a rally toward the November 23 pivot high at 146.13. Once cleared, the next resistance would be the November 9 daily high of 147.11.

EUR/JPY’s failure to clear the weekly high could pave the way for consolidation and a fall toward the week’s lows. The EUR/JPY key support levels would be the 20-day Exponential Moving Average (EMA) at 144.20, followed by the 50-day EMA at 143.97. A breach of the latter would be crucial, exposing 143.17, the current week’s low, which, once removed, will drag prices toward the 100-day EMA at 142.64.

From a momentum point of view, the Relative Strength Index (RSI) suggests that neither buyers/sellers are in charge, with RSI almost flat, nearby 50. However, the Rate of Change (RoC) suggests that buyers are gathering momentum. Therefore, further EUR/JPY upside is expected.

Technical Levels: Supports and Resistances

EURJPY currently trading at 144.6 at the time of writing. Pair opened at 144.15 and is trading with a change of 0.38 % .

The pair is trading above its 20 Daily moving average @ 144.13, below its 50 Daily moving average @ 144.73 , above its 100 Daily moving average @ 142.05 and above its 200 Daily moving average @ 139.71

The previous day high was 145.35 while the previous day low was 143.52. The daily 38.2% Fib levels comes at 144.22, expected to provide support. Similarly, the daily 61.8% fib level is at 144.65, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 143.33, 142.52, 141.51
• Pivot resistance is noted at 145.16, 146.16, 146.98

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