EUR/JPY has recovered from its intraday low of 1.3868 and is currently trading at 1.3957 ahead of the US Session. However, despite the recovery, the EURJPY outlook is bearish, and a bearish flag pattern also seems to form around the current price. However, scaling up to the weekly chart indicates bullish momentum. The intraday support levels are at 139.00 and 138.39, while the near-term resistance levels are at 140.49 and 141.37.
EUR/JPY Technical Outlook
The Stochastic, Relative Strength Index and Bollinger bands are currently neutral. The Average True Range (ATR) indicates low volatility while the MACD is above the zero line. The current price is keeping above the 20, 50, and 100 moving averages.
| Stochastic | Bollinger Bands | ATR | MACD | RSI |
| neutral (65) | Neutral (139.60) | 1.29 (Volatility down) | Above Zero (-0.49) | 59 (neutral) |
ATR (Average True Range) indicates market volatility and is ideal for initiating a trade. Get Grid trading signals and Straight Trading signals from the FXDatapanel Platform. A Free 10-day demo account is also available.
EUR/JPY Support and Resistance levels – Short-term
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 139.90 | 138.39 | 137.51 | 140.49 | 141.37 | 141.98 |
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Related Article: EUR/CHF Outlook (Daily) and Trading Ideas
Pivot Points
| 1 hour | 4 hours | Daily | Weekly | Monthly |
| 139.34 | 139.18 | 139.88 | 139.12 | 137.61 |
EUR/JPY Trading Ranges
EUR/JPY Daily Trading Range: 138.69 – 139.64
EURJPY Weekly Trading Range: 138.69- 139.64
EUR/JPY Monthly Trading Range: 138.69 -140.75
EUR/JPY Yearly Trading Range: 124.39 – 144.28
EUR/JPY Trading Idea – 05-SEP-2022
Despite today’s recovery, the pair’s intraday outlook is bearish. Based on the FXDatapanel Algorithm and intraday price pattern, the EUR/JPY is like to take a dip, making it ideal for selling trades using the following levels.
Signal Direction: Sell
Signal Timeframe: Daily
Entry: 139.75
Stop-loss: 141.26
Take Profit: 1.3781
Related Article: EUR/CAD Daily Outlook and Trade Signal
EUR/JPY Upcoming Levels to Monitor
The 140.00 is a strong resistance level; only an intraday closing above this level will ensure further bullish momentum toward the next resistance area. On the downside, an intraday closing below 139.00 will be ideal for the bears to take control further and drag the price lower toward the 138.39 support level.
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