EUR/JPY Price Analysis: Creeps above the 20-DMA but stalls around 142.00
- EUR/JPY climbs but stalls around 142.00, the confluence of the figure and the 100-DMA
- The EUR/JPY would be bullish above 142.00; otherwise, it could plunge towards 141.00.
EUR/JPY extends its gains to three consecutive trading days, up by 0.38%, as Wall Street finished Tuesday’s session with solid gains. On its way toward two-week new highs, the EUR/JPY cleared the 20-day Exponential Moving Average (EMA) at 141.53 and is poised to test the 100-day EMA at 142.22. At press time, the EUR/JPY is trading at 141.97.
EUR/JPY Price Analysis: Technical outlook
The cross-currency pair daily chart suggests that buyers remain in charge after clearing the 200-day EMA on January 4, at around 140.16. To continue its uptrend, the EUR/JPY needs to reclaim the 142.00 figure, even though it would face solid resistance around the 100-day EMA. If the EUR/JPY breaks the latter, that will clear the way toward the 50-day EMA at 142.50, followed by the 143.00 mark.
However, if the EUR/JPY’s rally stalls at 142.00, tha can set the pair towards testing the 20-day EMA on the downside around 141.53. Once cleared, the EUR/JPY will slide towards 141.00, followed by a challenge of the 200-day EMA at 140.20.
EUR/JPY Key Technical Levels