#EURJPY @ 149.549 takes offers to reverse from intraday low, stays pressured for the second consecutive day., @nehcap view: Further recovery expected (Pivot Orderbook analysis)

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• EUR/JPY takes offers to reverse from intraday low, stays pressured for the second consecutive day.
• German Factory Orders disappoint, BoJ’s Ueda shows readiness to keep QQE until inflation slows.
• One-month-old symmetrical triangle, 200-SMA challenge sellers amid steady RSI.

The pair currently trades last at 149.549.

The previous day high was 150.2 while the previous day low was 149.23. The daily 38.2% Fib levels comes at 149.6, expected to provide resistance. Similarly, the daily 61.8% fib level is at 149.83, expected to provide resistance.

EUR/JPY bears cheer downbeat German data to portray the second consecutive daily loss near 149.50 heading into Tuesday’s European session. In doing so, the cross-currency pair also ignores dovish comments from Bank of Japan (BoJ) Governor Kazuo Ueda.

That said, Germany’s Factory Orders slumped to -9.9% YoY in April versus -8.9% expected and -11.2% (revised). On the other hand, BoJ’s Ueda signaled that the Japanese central bank will continue QQE until the achievement of the inflation target.

Technically, the cross-currency pair remains on the buyer’s radar due to the previous weeks’ rebound from the convergence of the 200-SMA and the bottom line of a one-month-old symmetrical triangle.

However, the steady RSI (14) line suggests a continuation of the lower grind and hence keeps the sellers hopeful.

With this, the EUR/JPY bears approach the aforementioned triangle’s bottom line, close to 149.15 by the press time, ahead of poking the 200-SMA support level surrounding 148.85.

It’s worth noting that the previous weekly low of around 148.60 also challenges the EUR/JPY sellers before giving them control.

Alternatively, a one-week-old descending resistance line, close to the 150.00 psychological magnet, caps the short-term upside of the pair.

Following that, the stated triangle’s top line near 151.00 will be crucial for the EUR/JPY bulls to cross to regain power.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

EURJPY currently trading at 149.6 at the time of writing. Pair opened at 149.54 and is trading with a change of 0.04% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.1, 50 SMA 147.58, 100 SMA @ 144.94 and 200 SMA @ 144.04.

The previous day high was 150.2 while the previous day low was 149.23. The daily 38.2% Fib levels comes at 149.6, expected to provide resistance. Similarly, the daily 61.8% fib level is at 149.83, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 149.12, 148.69, 148.15
• Pivot resistance is noted at 150.08, 150.62, 151.05

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