#EURJPY @ 146.873 is still upward biased, but failure at 147.00 exacerbated a pullback towards 146.80s. (Pivot Orderbook analysis)

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• EUR/JPY is still upward biased, but failure at 147.00 exacerbated a pullback towards 146.80s.
• Downside risks for the EUR/JPY remain at 146.60 as sellers will eye the 20-DMA.
• A bullish resumption will occur if EUR/JPY reclaims 147.00.

The pair currently trades last at 146.873.

The previous day high was 147.16 while the previous day low was 146.24. The daily 38.2% Fib levels comes at 146.81, expected to provide support. Similarly, the daily 61.8% fib level is at 146.59, expected to provide support.

The EUR/JPY hit a YTD high at 147.45 but retreated and lost 0.11% in Monday’s trading session. However, as the Asian session begins, the EUR/JPY starts to trend higher, exchanging hands at 146.93, above 0.06%.

Monday’s price action formed an inverted hammer that could be a prelude of an evening star, a three-candlestick bearish pattern that could pave the way for further downside. Nevertheless, to confirm its validity, the EUR/JPY must break below the April 17 daily low of 146.66, followed by 146.50, before testing the April 14 low at 146.24.

The Relative Strength Index (RSI) shifted flat but remained bullish. Contrarily, the Rate of Change (RoC), shows that buying pressure is waning as it heads to neutral territory.

For a bearish continuation, if EUR/JPY cracks 146.24, it needs to break below 146.00. Once done, the pair might dive toward the December 20 daily high at 145.83 before retreating toward the 20-day Exponential Moving Average (EMA) at 144.87.

On the flip side, for a bullish continuation, the EUR/JPY must reclaim 147.00, which would open the door to test the YTD high at 147.45, followed by the 148.00 figure.

Technical Levels: Supports and Resistances

EURJPY currently trading at 146.92 at the time of writing. Pair opened at 146.97 and is trading with a change of -0.03 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 143.78, 50 SMA 143.36, 100 SMA @ 142.56 and 200 SMA @ 142.06.

The previous day high was 147.16 while the previous day low was 146.24. The daily 38.2% Fib levels comes at 146.81, expected to provide support. Similarly, the daily 61.8% fib level is at 146.59, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 146.42, 145.87, 145.5
• Pivot resistance is noted at 147.34, 147.71, 148.25

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