EUR/JPY Price Analysis: Faces solid resistance at 142.50, as a rising wedge emerges – by christianborjon EURJPY Crosses Technical Analysis ChartPatterns
, suggesting economy activity slowed. Also, UK’s tax cut budget has been put aside by the Chancellor of the Exchequer, Kwasi Kuarteng, as it triggered market turmoil. At the time of writing, the EUR/JPY is trading at 142.14.From a daily chart perspective, the EUR/JPY is still neutral-to-upward biased, unable to crack above the 20-day EMA, located at 142.12. Even though the pair pierced the 20-day EMA, price action needs to get higher and break the YTD high at 145.
The EUR/JPY hourly chart depicts the formation of an ascending wedge, which usually is a bearish-biased chart pattern. Nevertheless, it should be noted that the EMAs reside below the spot price, so there would be some difficult hurdles to surpass on the way south. Therefore, the EUR/JPY first support would be the 20-EMA at 141.92, followed by the 50-EME at 141.81, ahead of the bottom trendline of the wedge, around 141.70. Once cleared, the next support would be the S1 daily pivot point at 141.45, followed by the confluence of the S2 pivot and the 100-EMA at 140.80.
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