#EURJPY @ 141.573 is oscillating around the 38.2% Fibo retracement at 141.50. (Pivot Orderbook analysis)

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• EUR/JPY is oscillating around the 38.2% Fibo retracement at 141.50.
• The 20-and 50EMAs are on the verge of delivering a bullish crossover.
• The RSI (14) is attempting to shift inside the bullish range of 60.00-80.00.

The pair currently trades last at 141.573.

The previous day high was 141.82 while the previous day low was 140.9. The daily 38.2% Fib levels comes at 141.25, expected to provide support. Similarly, the daily 61.8% fib level is at 141.47, expected to provide support.

The EUR/JPY pair is oscillating in a narrow range of 141.40-141.65 in the early Tokyo session. On Tuesday, the asset rebounded firmly after testing the round-level cushion of 141.00 with lower selling pressures. The cross has been declining for the past week after failing to cross the critical hurdle of 144.00 amid the vulnerable risk appetite of market participants.

On an hourly scale, the cross is aiming to sustain above the 38.2% Fibonacci retracement (placed from September 26 low at 137.38 to the previous week’s high at 144.09) at 141.50. A formation of a Double Bottom chart pattern at around 141.00 has shifted the bias towards the upside.

Meanwhile, the 20-and 50-period Exponential Moving Averages (EMAs) are on the verge of delivering a bullish crossover, which will trigger the upside momentum.

Also, the Relative Strength Index (RSI) (14) is attempting to cross the bullish range of 60.00-80.00 for a sheer upside rally.

A decisive break above Tuesday’s high at 142.19 will drive the cross towards Thursday’s high at 143.45, followed by the ultimate resistance of 144.09, recorded last week.

Alternatively, a drop below the round-level cushion of 141.00 will drag the cross toward 61.8% Fibo retracement around 140.00. A slippage below the latter will expose the asset to drag further toward September 29 low at 139.42.

Technical Levels: Supports and Resistances

EURJPY currently trading at 141.53 at the time of writing. Pair opened at 141.41 and is trading with a change of 0.08 % .

The pair is trading below its 20 Daily moving average @ 141.87, above its 50 Daily moving average @ 139.78 , above its 100 Daily moving average @ 139.84 and above its 200 Daily moving average @ 136.24

The previous day high was 141.82 while the previous day low was 140.9. The daily 38.2% Fib levels comes at 141.25, expected to provide support. Similarly, the daily 61.8% fib level is at 141.47, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 140.94, 140.46, 140.02
• Pivot resistance is noted at 141.85, 142.29, 142.77

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