#EURJPY @ 148.937 Fundamental news, like the US Federal Reserve 25 bps rate hike, spooked Euro buyers; hence the fell. (Pivot Orderbook analysis)
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- Fundamental news, like the US Federal Reserve 25 bps rate hike, spooked Euro buyers; hence the EUR/JPY fell.
- Short term, the EUR/JPY might extend its losses before continuing its uptrend.
The pair currently trades last at 148.937.
The previous day high was 151.62 while the previous day low was 149.83. The daily 38.2% Fib levels comes at 150.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.94, expected to provide resistance.
The EUR/JPY dropped for the third straight session after hitting a multi-year high of 151.61, collapsing beneath the 149.00 figure on a 100-plus pip fall. A bearish engulfing candle pattern was followed by another bearish candle that dragged prices toward the 148.00 regions. At the time of writing, the EUR/JPY is trading at 148.92, down 0.05%, as the Asian session begins.
Must read: Breaking: Fed hikes policy rate by 25 bps to 5-5.25% as expected
Despite the ongoing correction on the pair, the EUR/JPY remains upward biased, which dragged the exchange rate 250 pips lower from its yearly highs. If EUR/JPY sellers would need to extend their gains, the pair must fall and reclaim last year’s high of 148.40, and once cleared, the next support in play would be the 20-day EMA at 147.57. But firstly, the EUR/JPY needs to crack below 148.00.
Conversely, for a bullish continuation, the EUR/JPY must reverse and conquer 149.00. A breach of the latter and the pair could rally towards the 2014 swing high at 149.78 before re-testing the 150.00 figure.
Technical Levels: Supports and Resistances
EURJPY currently trading at 148.94 at the time of writing. Pair opened at 150.23 and is trading with a change of -0.86 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 148.94 |
| 1 | Today Daily Change | -1.29 |
| 2 | Today Daily Change % | -0.86 |
| 3 | Today daily open | 150.23 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 146.98, 50 SMA 144.78, 100 SMA @ 143.12 and 200 SMA @ 142.59.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 146.98 |
| 1 | Daily SMA50 | 144.78 |
| 2 | Daily SMA100 | 143.12 |
| 3 | Daily SMA200 | 142.59 |
The previous day high was 151.62 while the previous day low was 149.83. The daily 38.2% Fib levels comes at 150.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.94, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 149.51, 148.78, 147.72
- Pivot resistance is noted at 151.29, 152.34, 153.07
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 151.62 |
| Previous Daily Low | 149.83 |
| Previous Weekly High | 150.44 |
| Previous Weekly Low | 146.29 |
| Previous Monthly High | 150.44 |
| Previous Monthly Low | 142.55 |
| Daily Fibonacci 38.2% | 150.51 |
| Daily Fibonacci 61.8% | 150.94 |
| Daily Pivot Point S1 | 149.51 |
| Daily Pivot Point S2 | 148.78 |
| Daily Pivot Point S3 | 147.72 |
| Daily Pivot Point R1 | 151.29 |
| Daily Pivot Point R2 | 152.34 |
| Daily Pivot Point R3 | 153.07 |
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