The EURJPY currency pair has reached a level of 157.368, causing a continuation of its three-day upward trend and reaching its highest point in one week. Analysts predict that there is likely to be further upward movement.
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- EUR/JPY prods three-day uptrend, making rounds to one-week high.
The pair currently trades last at 157.368.
The previous day high was 157.49 while the previous day low was 156.39. The daily 38.2% Fib levels comes at 157.07, expected to provide support. Similarly, the daily 61.8% fib level is at 156.81, expected to provide support.
EUR/JPY remains sidelined near 157.30-40 as bulls struggle to defend a three-day uptrend at the highest levels since July 24 amid early Wednesday. In doing so, the cross-currency pair falls short of justifying the Bank of Japan’s (BoJ) dovish rhetoric, via June month’s monetary policy meeting minutes, as well as the dovish comments from BoJ Deputy Governor Shinichi Uchida.
It’s worth noting that the sour sentiment, driven by the US credit rating cut, exerts downside pressure on the EUR/JPY as markets await the top-tier data/events.
Technically, sustained rebound from the 100-day Exponential Moving Average (EMA), around 151.35 by the press time, joins the looming bull cross on the MACD and the upbeat RSI (14) line to favor the EUR/JPY buyers.
Following that, a convergence of the 21-EMA and an upward-sloping support line from late March, close to 155.90 at the latest, will challenge the EUR/JPY bulls.
It’s worth noting, however, that the pair buyers remain off the table unless witnessing a daily closing beyond the five-week-old descending resistance line, near 157.70 at the latest.
On the contrary, a daily closing below 155.90 can trigger the short-term downside of the EUR/JPY pair ahead of the 100-EMA level of 151.35.
Following that, the 150.00 round figure will act as the final defense of the EUR/JPY bulls.
Trend: Further upside expected
Technical Levels: Supports and Resistances
EURJPY currently trading at 157.37 at the time of writing. Pair opened at 157.46 and is trading with a change of -0.06% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 157.37 |
| 1 | Today Daily Change | -0.09 |
| 2 | Today Daily Change % | -0.06% |
| 3 | Today daily open | 157.46 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 155.84, 50 SMA 154.15, 100 SMA @ 150.12 and 200 SMA @ 146.57.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 155.84 |
| 1 | Daily SMA50 | 154.15 |
| 2 | Daily SMA100 | 150.12 |
| 3 | Daily SMA200 | 146.57 |
The previous day high was 157.49 while the previous day low was 156.39. The daily 38.2% Fib levels comes at 157.07, expected to provide support. Similarly, the daily 61.8% fib level is at 156.81, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 156.74, 156.02, 155.64
- Pivot resistance is noted at 157.83, 158.21, 158.93
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 157.49 |
| Previous Daily Low | 156.39 |
| Previous Weekly High | 157.80 |
| Previous Weekly Low | 151.41 |
| Previous Monthly High | 158.05 |
| Previous Monthly Low | 151.41 |
| Daily Fibonacci 38.2% | 157.07 |
| Daily Fibonacci 61.8% | 156.81 |
| Daily Pivot Point S1 | 156.74 |
| Daily Pivot Point S2 | 156.02 |
| Daily Pivot Point S3 | 155.64 |
| Daily Pivot Point R1 | 157.83 |
| Daily Pivot Point R2 | 158.21 |
| Daily Pivot Point R3 | 158.93 |
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