EUR/JPY Price Analysis: Subdued Around 143.40, As Bulls Prepare For An Assault To 145.00
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- The EUR/JPY currency pair registered gains of around 2.22% in the week after facing solid resistance around 143.60.
- The pair has been in consolidation within a 130 pip range circa the 143.00 psychological barriers.
The EUR/JPY currency pair hit a fresh weekly high at 143.67, but it reversed some of those gains as it rested comfortably above Thursday’s high ahead of the weekend. The EUR/JPY duo exchanged hands at around 143.40 after dropping to a low of 142.91.
The EUR/JPY pair began the week at around the 200-day Exponential Moving Average (EMA) at 140.32 before rallying sharply towards the 142.38 Tuesday high. Since that day, the EUR/JPY duo consolidated at around the 142.35-143.65 area, unable to crack either side of the range.
On Friday, the EUR/JPY pair pierced the top of the range, but buyers were unable to hold to its gains and caused a retracement in the pair. Therefore, the EUR/JPY neutral-to-upward bias has remained intact.
If the EUR/JPY pair were to break the top of the range, the next supply area would be 144.00. Once broken, the EUR/JPY duo might rally and test a five-month resistance trendline near 144.50/60. That could propel EUR/JPY bulls toward the psychological 145.00 barrier.
Contrarily, if the pair were to fall below 142.30, it might test the 142.00 figure. A breach of the latter would open the door for a move lower to the 141.70/80 area, with the 20-, 50-, and 100-day EMAs resting inside the range, followed by a fall to the 200-day EMA at 140.44.
EUR/JPY Daily Chart
EUR/JPY Key Technical Levels
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