#EURJPY @ 138.850 Price Analysis: Pokes 61.8% Fibo retracement near 138.00 (Pivot Orderbook analysis)

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The pair currently trades last at 138.850.

The previous day high was 140.26 while the previous day low was 138.67. The daily 38.2% Fib levels comes at 139.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 139.65, expected to provide resistance.

The EUR/JPY pair has turned sideways after a pullback move to near 138.63 in the early European session. Earlier, the asset witnessed a steep fall to near 137.50 but rebounded sharply;y and left a buying tail, which indicates a responsible buying market structure. On a broader note, the cross has remained in the grip of bears, therefore, a decent pullback move cannot be ruled out.

Observing the four-hour scale, it is visible that the cross has bounced back sharply after dropping below the 61.8% Fibonacci retracement (placed from August 2 low at 133.40 to September 12 high at 145.64) at 138.00.

The 20-period Exponential Moving Average (EMA) near 140.00 has displayed a vertical downside move, which indicates more weakness.

Also, the Relative Strength Index (RSI) (14) is oscillating in a bearish range of 20.00-40.00, which signals that the downside momentum is aggressive.

A slippage below Monday’s low at 137.39 will drag the cross towards the August 25 low at 136.02, followed by the August 16 low at 134.90.

On the flip side, the shared currency bulls will regain strength and will drive the asset higher if they manage to surpass 50% Fibo retracement at 139.56. This will drive the asset towards September 2 high at140.75 and September 14 low at 142.30.

Technical Levels: Supports and Resistances

EURJPY currently trading at 138.82 at the time of writing. Pair opened at 138.88 and is trading with a change of -0.04 % .

The pair is trading below its 20 Daily moving average @ 141.73, below its 50 Daily moving average @ 139.21 , below its 100 Daily moving average @ 139.2 and above its 200 Daily moving average @ 135.6

The previous day high was 140.26 while the previous day low was 138.67. The daily 38.2% Fib levels comes at 139.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 139.65, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 138.28, 137.68, 136.69
• Pivot resistance is noted at 139.87, 140.86, 141.46

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