#EURJPY @ 145.485 daily chart portrays the formation of a rising wedge with bearish implications. (Pivot Orderbook analysis)

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• EUR/JPY daily chart portrays the formation of a rising wedge with bearish implications.
• The EUR/JPY price action recoiled as the cross approached 146.00, suggesting a breakout is about to happen.

The pair currently trades last at 145.485.

The previous day high was 145.65 while the previous day low was 144.34. The daily 38.2% Fib levels comes at 145.14, expected to provide support. Similarly, the daily 61.8% fib level is at 144.84, expected to provide support.

The EUR/JPY continues to consolidate within a rising wedge, though finished with minuscule losses of 0.04% on Tuesday, on a risk-on sentiment. As the Asian session begins, the EUR/JPY is trading at 145.48, barely gaining 0.01%.

As above-mentioned, a rising wedge formed in the EUR/JPY daily chart, with most daily lows tracking the 50-day Exponential Moving Average (EMA) as a dynamic support. Although the cross continues to advance steadily, price action shrank during the last four trading days. That would mean the EUR/JPY is consolidating or a breakout is about to happen.

If the EUR/JPY clears 146.00, it could exacerbate a rally toward the year-to-day (YTD) highs around 148.40, but on its way north, buyers need to surpass some resistance levels. The first one would be the ascending-wedge top trendline around 146.50, followed by the November 9 daily high at 147.11. Once cleared, the psychological 148.00 is next.

Otherwise, if the EUR/JPY breaks below the rising wedge, the first support would be the 50-day EMA at 144.12. A breach of the latter will expose the 143.00 figure, followed by the November 11 swing low around 142.54.

Technical Levels: Supports and Resistances

EURJPY currently trading at 145.49 at the time of writing. Pair opened at 145.53 and is trading with a change of -0.03 % .

The pair is trading below its 20 Daily moving average @ 145.68, above its 50 Daily moving average @ 144.08 , above its 100 Daily moving average @ 141.3 and above its 200 Daily moving average @ 138.52

The previous day high was 145.65 while the previous day low was 144.34. The daily 38.2% Fib levels comes at 145.14, expected to provide support. Similarly, the daily 61.8% fib level is at 144.84, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 144.69, 143.86, 143.39
• Pivot resistance is noted at 146.0, 146.48, 147.31

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