EUR/JPY Price Analysis: Testing key resistance at 144.00
- EUR/JPY has reached an important resistance area at 144.00.
- The daily chart shows a bullish triangle formation.
The euro appreciates on Thursday for the third consecutive day to retrace last week’s reversal and return to a key resistance area at 144.00, which is being tested at the time of writing.
The pair lies right now at the point where bulls were capped in early October, September 20, and also on June 20, 22, 23, and 28. That resistance line and the bullish trendline support from early August lows are forming an upward triangle pattern.
Furthermore, the 50 and the 10-day moving averages are featuring a bullish crossover, while the RSI shows some room before hitting overbought levels.
This might encourage bulls to break above the mentioned 144.00, aiming for September 12 high at 145.65 ahead of the 2014 high of 149.65.
On the downside, immediate support lies at 140.85 (October 10 low) ahead of trendline support at 140.35. Once below here, bears might take over, pushing the pair towards September lows at 137.30.