EUR/JPY Price Analysis: Back above 147.00 with the positive bias intact
- EUR/JPY retraces Friday's losses and returns above 148.00.
- Above 148.40 the pair will aim to 2014 high at 149.80.
- On the downside, a breach of 144.00 support would negate the bullish bias.
The euro has taken back on Monday most of the ground lost on Friday's suspected intervention by the Japanese authorities. The pair appreciated about 1% so far today, returning above 147.00 from the 143.70 lows
The four-hour chart shows the upward trending support from late September lows intact, and the pair on a steady upward trend hitting higher tops and bottoms.
The positive price action is likely to push the pair towards Friday’s high, at 148.40. A confirmation above here would set the focus at the 2014 high at 149.80 ahead of the 150.00 psychological level.
On the downside, the 50-period SMA has been holding downside attempts over the latest sessions with another important support area at 144.00 (Trendline support and 100-period SMA). Below here, the pair would negate the near-term bullish bias, aiming probably at the 141.00 area (October 10,11 lows).
EUR/JPY 4-hour chart
Technical levels to watch