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EUR/JPY pulling back from bull run onto 144 handle

FXStreet (Guatemala) - EUR/JPY is trading at 144.24, up 0.35% on the day, having posted a daily high at 144.62 and low at 143.57.

EUR/JPY has stuck to recent ranges but managed a good run from below the 144 handle and not meeting supply until some 70 pips higher. On a longer term view point, the pairs recent high so far within the range has been the 144.84 level and the 35 year resistance line.

Analysts at TD Securities expect that to be it and explained that the daily Elliot wave count is suggesting a retracement to 140.90 prior to recovery. “Below 140.90 would trigger losses to the 139.44 then 138.19 50% and 61.8% retracements”. However, above 144.85, the analysts suggest that this would sever the downtrend and trigger a move to the145.68 2014 high en route to 150.00.

EUR/JPY noteworthy levels

Current price is 144.26, with resistance ahead at 144.52 (Weekly Classic R1), 144.54 (Daily Classic R1), 144.62 (Daily High),and 144.81/85 (YTD High and key level). Next support to the downside can be found at 144.07, 144.01 (Hourly 20 EMA), 143.94 (Daily Classic PP) and 143.74.

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