#EURJPY @ 150.355 slips from a four-week high of 151.07, with US debt ceiling developments cushioning the fall amidst Japanese Yen strength. (Pivot Orderbook analysis)

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• EUR/JPY slips from a four-week high of 151.07, with US debt ceiling developments cushioning the fall amidst Japanese Yen strength.
• Bullish technical indicators hint at a potential upward trajectory for EUR/JPY, placing the YTD high of 151.61 within reach despite the current dip.
• Surpassing the weekly high of 151.07 could challenge the YTD high, with upside potential at 152.00; initial support rests at 150.00.

The pair currently trades last at 150.355.

The previous day high was 150.94 while the previous day low was 149.79. The daily 38.2% Fib levels comes at 150.5, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.23, expected to provide support.

EUR/JPY retreats after hitting a new four-week high of 151.07, down 0.26% during the day amidst thin liquidity conditions, sponsored by holidays in Europe and the United States (US). Positive news about the US debt ceiling improved appetite, capping the EUR/JPY’s fall amidst the Japanese Yen (JPY) strength during the day. At the time of writing, the EUR/JPY is trading at 150.34.

The daily chart shows that the EUR/JPY is upward biased, though, in Monday’s session, the cross-currency pair dipped below the May 3 high-turned-support at 150.39 and later reclaimed the latter. Although aiming downward, the Relative Strength Index (RSI) stays in the bullish territory, while the 3-day Rate of Change (RoC) persists above the neutral line. That said, the EUR/JPY in the near-term warrants further upside, which could put the year-to-date (YTD) high of 151.61 in danger.

If EUR/JPY buyers reclaim the weekly high of 151.07, a test of the YTD high of 151.61 is on the cards. The upside risks lie at 152.00. Conversely, the EUR/JPY first support would be 150.00, but further losses are expected on a drop below the latter at around the 20-day Exponential Moving Average (EMA) at 149.09.

Technical Levels: Supports and Resistances

EURJPY currently trading at 150.38 at the time of writing. Pair opened at 150.82 and is trading with a change of -0.29 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 148.95, 50 SMA 146.63, 100 SMA @ 144.4 and 200 SMA @ 143.66.

The previous day high was 150.94 while the previous day low was 149.79. The daily 38.2% Fib levels comes at 150.5, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.23, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 150.1, 149.38, 148.96
• Pivot resistance is noted at 151.24, 151.66, 152.38

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