EUR/JPY Price Analysis: Consolidates and edges toward the top of the range, as bull’s eye 143.00

• EUR/JPY printed a fresh YTD high and approached the 143.00 mark.
• EUR/JPY Price Analysis: Turned bullish bias after cracking the February 13 daily high of 142.38.

The EUR/JPY extends its weekly gains to two straight days and hit a fresh YTD high at 142.94 before trimming some of Tuesday’s gains. As Wednesday’s Asian session begins, the EUR/JPY exchanges hands at 142.85, below its opening price by a minuscule 0.03%.

After the EUR/JPY failed to crack below the YTD low of 137.38, the EUR/JPY enjoyed a bounce, which lifted the pair towards its YTD high of 142.94. Even though it took almost one and a half months, the EUR/JPY pair shifted to a neutral-bullish biased, meaning that further upside is expected.

If the EUR/JPY clears 143.00, the next resistance would be the psychological 144.00 figure, ahead of the December 20 swing high at 145.83. As an alternate scenario, the EUR/JPY first support would be the February 13 daily high of  142.38,  ahead of the 142.00 price level. A decisive break and the pair might fall towards a busy confluence area of the 100/50/20-day Exponential Moving Averages (EMAs), each at 141.73, 141.62, and 141.40, respectively, ahead of the 200-day EMA at 140.38.

Oscillators like the Relative Strength Index (RSI) aim higher, while the Rate of Change (RoC) indicates that buyers are gathering momentum. Therefore, the first above-mentioned scenario it’s most likely to pan out.

EUR/JPY Daily chart

EUR/JPY Key technical levels