#EURJPY @ 142.056 stalls its rally and clashes with a confluence of technical indicators. (Pivot Orderbook analysis)

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• EUR/JPY stalls its rally and clashes with a confluence of technical indicators.
• A break below the 20-day EMA could pave the way toward the 200-day EMA at 140.24.
• EUR buyers reclaiming 142.00 would set the stage to challenge the 100-day EMA.

The pair currently trades last at 142.056.

The previous day high was 142.05 while the previous day low was 141.08. The daily 38.2% Fib levels comes at 141.68, expected to provide support. Similarly, the daily 61.8% fib level is at 141.45, expected to provide support.

The EUR/JPY gained some traction during the Wednesday session and reached a new two-week high at 142.85 before reversing its course and closed at 142.39. As Thursday’s Asian Pacific session begins, the EUR/JPY continues the late downtrend, registering decent losses of 0.14%, and trades at 142.12 at the time of writing.

After piercing the EUR/JPY 50-day Exponential Moving Average (EMA) at 142.50, and the 100-day at 142.21, the cross-currency reversed its course, snapping four days of straight gains. Nevertheless, to resume its downtrend in the short-term, the EUR/JPY needs to clear the 20-day EMA at 141.65, which, once surpassed, the pair could fall towards the 141.00 mark, ahead of the 200-day EMA at 140.24.

The previously-mentioned scenario is backed by oscillators, with the Relative Strength Index (RSI), although at bullish territory, its slope is downwards, about to cross under the 50-midline. In contrast, the Rate of Change (RoC) portrays upside volatility as higher. Therefore, EUR/JPY traders might refrain from opening fresh EUR short positions until the RoC shifts bearish.

As an alternative scenario, if the EUR/JPY resumes its uptrend, key resistance levels are the 100-day EMA at 142.21, followed by the 50-day EMA at 142.50, and then the 143.00 mark.

Technical Levels: Supports and Resistances

EURJPY currently trading at 141.95 at the time of writing. Pair opened at 141.97 and is trading with a change of -0.01 % .

The pair is trading above its 20 Daily moving average @ 141.67, below its 50 Daily moving average @ 143.35 , below its 100 Daily moving average @ 143.03 and above its 200 Daily moving average @ 140.62

The previous day high was 142.05 while the previous day low was 141.08. The daily 38.2% Fib levels comes at 141.68, expected to provide support. Similarly, the daily 61.8% fib level is at 141.45, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 141.35, 140.73, 140.39
• Pivot resistance is noted at 142.32, 142.67, 143.29

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