#EURJPY @ 146.462 edges slightly up as the Asian Pacific session begins. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• EUR/JPY edges slightly up as the Asian Pacific session begins.
• The Euro weakened due to an adverse market sentiment spurred by recession fears.
• Short term, the EUR/JPY could tumble towards 145.40 once it clears the 146.00 figure.

The pair currently trades last at 146.462.

The previous day high was 147.2 while the previous day low was 145.82. The daily 38.2% Fib levels comes at 146.67, expected to provide resistance. Similarly, the daily 61.8% fib level is at 146.35, expected to provide support.

The EUR/JPY tumbled from weekly highs around 147.00, for fundamental reasons, like the Eurozone (EU) inflation report, with September’s CPI around 9.9% YoY, less than estimates but elevated. Also, expectations for further central bank tightening spurred concerns of a global recession as risk-perceived assets edged lower. Therefore, safe-haven peers, like the Japanese yen (JPY), appreciated against the Euro. At the time of writing, the EUR/JPY is trading at 146.44, almost flat, as the Asian session begins.

From a technical perspective, the EUR/JPY tested the YTD highs of 147.25 on Wednesday, though failure to hold the fort around the 147.00 figure exacerbated a drop towards the October 18 daily lows at 145.81. EUR/JPY traders should be aware that a bearish-harami candle chart pattern surfaced at the daily chart, warring downward action. Nevertheless, a break below October’s 18 daily low at 145.81 is needed to pave the way for further losses.

If that scenario plays out, the EUR/JPY first support would be the September 12 high-turned-support at 145.63. A breach of the latter will expose the 145.00 figure, followed by the October 5 swing high/support around 144.08.

Near term, the EUR/JPY hourly chart illustrates the cross as neutral biased, with prices sliding below the 20 and 50-Exponential Moving Averages (EMAs), with the former crossing below the latter, opening the door for further losses. Notably, a symmetrical triangle on a downtrend surfaced, meaning that EUR/JPY risks are skewed to the downside.

Hence, the EUR/JPY first support would be October’s 19 daily low at 146.07. Break below will expose the S1 daily pivot point at 145.90, followed by the 100-EMA at 145.70, ahead of the S2 daily pivot level at 145.40.

Technical Levels: Supports and Resistances

EURJPY currently trading at 146.48 at the time of writing. Pair opened at 147.12 and is trading with a change of -0.44 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 142.17, 50 SMA 140.71, 100 SMA @ 140.3 and 200 SMA @ 136.64.

The previous day high was 147.2 while the previous day low was 145.82. The daily 38.2% Fib levels comes at 146.67, expected to provide resistance. Similarly, the daily 61.8% fib level is at 146.35, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 146.23, 145.34, 144.85
• Pivot resistance is noted at 147.61, 148.09, 148.98

[/s2If]
Join Our Telegram Group