EUR/JPY Price Analysis: Attempts an establishment above 38.2% Fibo at 141.50

• EUR/JPY is oscillating around the 38.2% Fibo retracement at 141.50.
• The 20-and 50EMAs are on the verge of delivering a bullish crossover.
• The RSI (14) is attempting to shift inside the bullish range of 60.00-80.00.

The EUR/JPY pair is oscillating in a narrow range of 141.40-141.65 in the early Tokyo session. On Tuesday, the asset rebounded firmly after testing the round-level cushion of 141.00 with lower selling pressures. The cross has been declining for the past week after failing to cross the critical hurdle of 144.00 amid the vulnerable risk appetite of market participants.

On an hourly scale, the cross is aiming to sustain above the 38.2% Fibonacci retracement (placed from September 26 low at 137.38 to the previous week’s high at 144.09) at 141.50. A formation of a Double Bottom chart pattern at around 141.00 has shifted the bias towards the upside.

Meanwhile, the 20-and 50-period Exponential Moving Averages (EMAs) are on the verge of delivering a bullish crossover, which will trigger the upside momentum.

Also, the Relative Strength Index (RSI) (14) is attempting to cross the bullish range of 60.00-80.00 for a sheer upside rally.

A decisive break above Tuesday’s high at 142.19 will drive the cross towards Thursday’s high at 143.45, followed by the ultimate resistance of 144.09, recorded last week.

Alternatively, a drop below the round-level cushion of 141.00 will drag the cross toward 61.8% Fibo retracement around 140.00. A slippage below the latter will expose the asset to drag further toward September 29 low at 139.42.

EUR/JPY hourly chart