#EURJPY @ 146.487 The euro rallies to fresh seven-year highs at 146.50. (Pivot Orderbook analysis)

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• The euro rallies to fresh seven-year highs at 146.50.
• The yen, unable to capitalize on USD weakness, continues on free fall.
• The market is on the watch for BoJ intervention.

The pair currently trades last at 146.487.

The previous day high was 144.85 while the previous day low was 143.48. The daily 38.2% Fib levels comes at 144.32, expected to provide support. Similarly, the daily 61.8% fib level is at 144.0, expected to provide support.

The euro opened the week on a strong note, accelerating its rally beyond 145.60, to hit 146.50 so far, its highest level since January 2015.

The yen has been the only major currency unable to benefit from the US dollar weakness amid the improvement in risk appetite and has extended its decline, with the USD/JPY reaching fresh 32-year lows.

Investors remain on the watch for the possibility of an intervention by the Bank of Japan to strengthen the JPY. The yen has actually exceeded the level that triggered an intervention by the BoJ last month, and the Japanese Government has reiterated its commitment to a “firm response” to avoid rapid yen declines.

The yen is under pressure on the back of the monetary policy divergence between the BoJ and the rest of the major world central banks, and especially the Federal Reserve.

The Fed is widely expected to increase rates by 0.75% for the fourth consecutive time in November while the Japanese bank maintains an ultra-expansive policy that is crushing demand on the Japanese currency.

Technical Levels: Supports and Resistances

EURJPY currently trading at 146.47 at the time of writing. Pair opened at 144.58 and is trading with a change of 1.31 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 141.83, 50 SMA 140.34, 100 SMA @ 140.11 and 200 SMA @ 136.48.

The previous day high was 144.85 while the previous day low was 143.48. The daily 38.2% Fib levels comes at 144.32, expected to provide support. Similarly, the daily 61.8% fib level is at 144.0, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 143.76, 142.93, 142.39
• Pivot resistance is noted at 145.13, 145.67, 146.5

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