#EURJPY @ 143.383 retreats from three-week-old resistance line, depressed near the intraday low of late. (Pivot Orderbook analysis)

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• EUR/JPY retreats from three-week-old resistance line, depressed near the intraday low of late.
• Multiple hurdles stand tall to challenge bears; bulls need validation from 144.20.
• RSI’s retreat from overbought territory suggests a mild pullback in prices, bullish MACD signals favor buyers.

The pair currently trades last at 143.383.

The previous day high was 144.1 while the previous day low was 141.79. The daily 38.2% Fib levels comes at 143.22, expected to provide support. Similarly, the daily 61.8% fib level is at 142.68, expected to provide support.

EUR/JPY licks its wounds around the intraday low of 143.50 as it consolidates the previous day’s heavy gains during early Thursday in Europe.

The cross-currency pair rallied the most since early January 2023 before reversing from a downward-sloping trend line from March 07. The pullback moves also take clues from the RSI’s (14) retreat from the overbought territory. As a result, the quote’s short-term downside can’t be ruled out.

However, an upward-sloping support line from the last Friday, close to 143.00 at the latest, restricts the immediate downside of the EUR/JPY.

Following that, the 100-SMA and a two-week-long previous resistance line, respectively near 142.45 and 142.10 in that order, could challenge the EUR/JPY bears. It’s worth noting that the 142.00 round figure acts as the last defense of the pair buyers.

On the contrary, recovery moves need a clear upside break of the aforementioned three-week-old resistance line, around 144.20 at the latest.

In that case, the monthly high of around 145.50 may act as an intermediate halt before fueling the price towards the multi-year top marked in February, around 148.40.

Overall, EUR/JPY remains on the bull’s radar despite the latest pullback.

Limited downside expected

Technical Levels: Supports and Resistances

EURJPY currently trading at 143.63 at the time of writing. Pair opened at 144.07 and is trading with a change of -0.31% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 142.94, 50 SMA 142.47, 100 SMA @ 142.53 and 200 SMA @ 141.83.

The previous day high was 144.1 while the previous day low was 141.79. The daily 38.2% Fib levels comes at 143.22, expected to provide support. Similarly, the daily 61.8% fib level is at 142.68, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 142.54, 141.01, 140.23
• Pivot resistance is noted at 144.85, 145.63, 147.16

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