EUR/JPY Price Analysis: Subduead around 139.00 as a death-cross looms
- EUR/JPY is range-bound around 139.00 awaiting the release of Japanese CPI.
- EUR/JPY Price Analysis: Bullish above 140.00; otherwise, exposed to selling pressure.
The EUR/JPY finished Thursday’s session flat and remained trading sideways ahead of December’s release of the Japanese Consumer Price Index (CPI). As the Asian session begins, the EUR/JPY is trading at 139.06, almost flat.
EUR/JPY Price Analysis: Technical outlook
The EUR/JPY daily chart portrays the pair as neutral-downward biased, as it remains below the daily Exponential Moving Averages (EMAs). Also, the 20-day EMA at 140.29 is about to cross below the 200-day EMA at 140.14, which would resume the downtrend in the near term. Solid support is found around the last week’s low of 138.01, tested on Thursday, though the EUR/JPY quickly rebounded towards the 139.00 figure.
Oscillators-wise, the Relative Strength Index (RSI) in the bearish territory is flat, while the Rate of Change (RoC), portrays buyers losing momentum. Therefore, the EUR/JPY remains sideways, awaiting a possible breakout.
The EUR/JPY first support would be 138.00. A breach of the latter would send the pair aiming towards 137.38, the YTD low, followed by the September 26 pivot low at 137.36. on the upside, the EUR/JPY first resistance would be the 200-day EMA at 140.14, which, once cleared, could expose additional resistance levels. The 20-day EMA at 140.30 would be put in play, followed by the 141.00 figure.