#EURJPY @ 141.571 forms a hanging man as it fails to conquer the 100-day EMA, suggesting further downside is expected. (Pivot Orderbook analysis)

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• EUR/JPY forms a hanging man as it fails to conquer the 100-day EMA, suggesting further downside is expected.
• EUR/JPY Price Analysis: The pair would be bearish below 141.00; otherwise, it could challenge 142.00.

The pair currently trades last at 141.571.

The previous day high was 142.08 while the previous day low was 140.47. The daily 38.2% Fib levels comes at 141.47, expected to provide support. Similarly, the daily 61.8% fib level is at 141.09, expected to provide support.

EUR/JPY snapped two days of consecutive gains and retraced some of its gains as the EUR/JPY clashed with the 100-day Exponential Moving Average (EMA) at 141.83 but could not crack it. Therefore, the cross dived beneath the latter, with Tuesday’s session closing at 141.65. As the Asian session begins, the EUR/JPY is trading at 141.62, registering minuscule losses of 0.04%.

The EUR/JPY remains sideways, even though the pair reached a two-week high at 142.20. Although the EUR/JPY recovered 2% since last Friday, Tuesday’s price action formed a hanging man, suggesting the exchange rates would aim lower. Nevertheless, the EUR/JPY would face a confluence of support areas, like two previous downslope resistance trendlines, around 141.00. Once those trendlines are broken, the next zone of demand tested would be the 20-day EMA at 140.79, ahead of the 200-day EMA at 140.20

However, if buyers can hold above 141.00, a retest to the 100-day EMA at 141.73 is on the cards. A decisive break would expose the 142.00 psychological figure, followed by the January 11 high at 142.85.

Technical Levels: Supports and Resistances

EURJPY currently trading at 141.7 at the time of writing. Pair opened at 142.04 and is trading with a change of -0.24 % .

The pair is trading above its 20 Daily moving average @ 140.48, below its 50 Daily moving average @ 142.39 , below its 100 Daily moving average @ 143.16 and above its 200 Daily moving average @ 140.8

The previous day high was 142.08 while the previous day low was 140.47. The daily 38.2% Fib levels comes at 141.47, expected to provide support. Similarly, the daily 61.8% fib level is at 141.09, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 140.98, 139.92, 139.37
• Pivot resistance is noted at 142.59, 143.14, 144.2

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