#EURJPY @ 138.974 On Monday, the finished the session trading positively, gaining 0.15%. (Pivot Orderbook analysis)

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• On Monday, the EUR/JPY finished the session trading positively, gaining 0.15%.
• The daily chart depicts the pair as neutral-biased.
• Short term, the EUR/JPY is headed to the downside and might test the 137.00 figure in the near term.

The pair currently trades last at 138.974.

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.

As the Asian Pacific session begins, the EUR/JPY barely drops 0.04%, courtesy of a risk-off impulse, due to increasing recession fears, as central banks continue to tighten monetary policy conditions, while the UK government unveiled a program of tax cuts, aimed to stimulate the already battered economy. At the time of writing, the EUR/JPY is trading at 138.99, below its opening price.

The EUR/JPY tumbled below the confluence of the 50 and 100-day EMA during Monday’s session, influenced by the fall in the GBP/JPY. On its way south, the EUR/JPY reached a fresh monthly low of around 137.36, but a seven-month-old upslope support trendline capped the fall, and the pair bounced toward current spot prices. Even though the Relative Strength Index (RSI) tumbled to negative territory, EUR/JPY’s failure to break below the 200-EMA keeps the neutral bias intact.

In the near term, the EUR/JPY bias turned negative once the exchange rate tumbled below the 200-EMA, while the 20-day EMA dropped under the former, signaling that sellers begin to gather momentum. Additionally, the Relative Strength Index (RSI) at 38, in bearish territory, further cements the downward bias.

Therefore, the EUR/JPY first support would be the daily pivot at 138.65. Break below will expose the S1 pivot at 137.78, followed by the upslope trendline above-mentioned at around 137.00, ahead of the S2 daily pivot at 136.51.

Technical Levels: Supports and Resistances

EURJPY currently trading at 139.02 at the time of writing. Pair opened at 138.88 and is trading with a change of 0.1 % .

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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