EUR/JPY Price Analysis: Subdued Around 143.40, As Bulls Prepare For An Assault To 145.00

By Christian Borjon Valencia of FXStreet

Where Forex Never Rests • Feb 18, 2023 at 2:40 PM EST

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.

Yen, Money, Wealth, Japanese Yen

Image Source: Pixabay

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

More By This Author:

USD/CAD Refreshes YTD Peak, Surpasses 1.3500 Amid Siding Oil Prices And Stronger USD
AUD/USD Price Analysis: Bears And Bulls About To Standoff At Key 0.6850s
AUD/USD Price Analysis: Bulls Are Forced To The Edge Of The Abyss

Disclaimer:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

STOCKS IN THIS ARTICLE

Comments

Back to all articles