#EURJPY @ 143.534 takes offers to refresh intraday low, extends pullback from 21-DMA., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/JPY takes offers to refresh intraday low, extends pullback from 21-DMA.
• Bearish MACD signals, downbeat RSI also favors sellers targeting ascending trend line from early August.
• Monthly bearish channel keeps the downside bias intact.

The pair currently trades last at 143.534.

The previous day high was 145.01 while the previous day low was 143.05. The daily 38.2% Fib levels comes at 143.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 144.26, expected to provide resistance.

EUR/JPY renews its intraday low around 143.30 while extending the week-start fall during early Tuesday.

In doing so, the cross-currency pair also justifies the sustained trading below the 21-DMA and downbeat MACD signals, as well as softer RSI (14), to keep the bears hopeful inside a one-month-old bearish channel.

That said, an upward-sloping support line from early August, around 142.10 by the press time, appears imminent support for the EUR/JPY bears to watch.

Following that, the stated descending channel’s lower line, close to 141.50, will be in focus.

Alternatively, the 21-DMA hurdle surrounding 145.00 could challenge the short-term recovery of the EUR/JPY pair ahead of highlighting the bearish channel’s upper line, close to 145.85 at the latest.

In a case where the pair buyers manage to cross the 145.85 hurdle, the 146.00 round figure may act as an intermediate halt during the run-up towards the previous monthly top of 148.40.

Overall, EUR/JPY is likely to remain weak inside a short-term bearish chart formation while a multi-day-old support line lures the downside momentum of late. It should be noted, however, that, the 141.50 is the key support to watch before ruling out the odds of the pair’s rebound.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURJPY currently trading at 143.44 at the time of writing. Pair opened at 143.61 and is trading with a change of -0.12% % .

The pair is trading below its 20 Daily moving average @ 145.11, below its 50 Daily moving average @ 144.2 , above its 100 Daily moving average @ 141.61 and above its 200 Daily moving average @ 138.87

The previous day high was 145.01 while the previous day low was 143.05. The daily 38.2% Fib levels comes at 143.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 144.26, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 142.77, 141.93, 140.81
• Pivot resistance is noted at 144.73, 145.85, 146.69

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