#EURJPY @ 143.843 remains sidelined after snapping two-week downtrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/JPY remains sidelined after snapping two-week downtrend.
• Lower high formation joins sluggish RSI to tease bears, 50-SMA restricts immediate downside.
• 200-SMA, seven-week-old descending trend line appear tough nuts to crack for bulls.

The pair currently trades last at 143.843.

The previous day high was 144.48 while the previous day low was 143.17. The daily 38.2% Fib levels comes at 143.67, expected to provide support. Similarly, the daily 61.8% fib level is at 143.98, expected to provide resistance.

EUR/JPY treads water around 143.80 as bulls take a breather after posting the first weekly gain in three.

However, the lower highs in the last weeks and the RSI line’s retreat signal that the bullish momentum isn’t strong.

As a result, the pair sellers could aim for the 50-SMA level surrounding 143.15, a break of which could poke the 143.00 round figure.

In a case where EUR/JPY bears keep the reins past 143.00, the previous monthly low near 142.55 and the latest trough near 140.75 may probe the downside moves to target the 140.00 threshold.

Alternatively, recovery moves may initially confront the 200-SMA level of 144.77 before challenging a downward-sloping trend line from October 21, close to 144.90 at the latest.

Following that, the highs marked in late November around 146.15 could act as the last defense of the EUR/JPY bears.

Should the quote remains firmer past 146.15, the odds of witnessing a run-up towards the yearly top marked in October, around 148.40, can’t be ruled out.

Overall, EUR/JPY is likely to witness further hardships but the south run appears more lucrative than the upside momentum.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURJPY currently trading at 143.86 at the time of writing. Pair opened at 143.95 and is trading with a change of -0.06% % .

The pair is trading below its 20 Daily moving average @ 144.08, below its 50 Daily moving average @ 144.67 , above its 100 Daily moving average @ 141.94 and above its 200 Daily moving average @ 139.52

The previous day high was 144.48 while the previous day low was 143.17. The daily 38.2% Fib levels comes at 143.67, expected to provide support. Similarly, the daily 61.8% fib level is at 143.98, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 143.25, 142.56, 141.95
• Pivot resistance is noted at 144.56, 145.17, 145.86

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