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EUR/JPY moving into the bears layer?

(Guatemala) - EUR/JPY is trading at 147.65, up 0.74% on the day, having posted a daily high at 147.81 and low at 146.37.

EUR/JPY remains a no brainer on recent developments in Japan, with global stocks performing and USD/JPY relentless on the bid, despite a dovish ECB. The pair has run up to fresh highs and has cleared the 147 landmarks it but requires a firm close or two to confirm that there is upside potential yet in overbought territory. If the pair cannot hold on here, technically we might be at a potential slide back to March and April highs.

Technically, the rising support line remains in tact though and, so far, without any signs of a breach emerging. 150 remain a realistic target for the bulls with little resistance fundamentally in it’s path, so long as USD/JPY doesn't run out of steam while the risk event there comes with today's FOMC. Should the cross continue higher from here, Karen Jones, chief analyst at Commerzbank marks the next resistance area to speak of as being the August 2007 low at 149.25.

EUR/JPY noteworthy levels

Spot is presently trading at 147.65, and next resistance can be seen at 147.83 (Daily Classic R2), 148.31 (Weekly Classic R2), 149.25, 148.94 (Daily Classic R3), 150.00 and 150.76 (Weekly Classic R3). Next support to the downside can be found at 147.20 (Daily Classic R1), 147.05 (Hourly 20 EMA), 146.99 (Weekly Classic R1), 146.73 and 146.57 (Monthly High).

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