The euro is up against the dollar today but down against the yen, despite the EUR/JPY's long-term bullish trend.
As of writing, EUR/JPY was trading near 144.00, breaking through the important short-term support at 144.52 (200 EMA on the 1-hour chart) during the Asian trading session. In general, the pair maintains bullish momentum, trading in the bull market zone as well, above key support levels 132.45 (200 EMA on the weekly chart), 134.20 (144 EMA on the weekly chart), 104.00 (50 EMA on the weekly chart), 141.00 (200 EMA on the daily chart), 141.90 (144 EMA on the daily chart).
If the decline continues, a breakdown of 143.16 (200 EMA on the 4-hour chart), 142.90 (50 EMA on the daily chart) will signal an incipient medium-term bearish trend with the nearest targets at the support levels 141.90 and 141.00. The breakdown of support at 140.00 and a local support at 138.00 will trigger a deeper decline to the key support levels 134.20, 132.45 and, possibly to 127.50 (200 EMA on the monthly chart), which separates the long-term bullish trend from a bearish one.
But so far, everything speaks in favor of the pair's continued growth. In turn, a breakout of the 144.52 resistance level will be a signal for resuming long positions. However it might be possible to enter at the current price or above 144.00 with restrictive stops below today's local low at 143.74.
Support levels: 144.00, 143.16, 142.90, 141.90, 141.00, 140.00, 137.90, 134.20, 132.45
Resistance levels: 144.52, 145.00, 145.50, 146.00, 146.60, 147.00, 147.60
Trading scenarios
Sell Stop 143.65. Stop-Loss 144.25. Take-Profit 143.16, 142.90, 141.90, 141.00, 140.00, 137.90, 134.20, 132.45
Buy Stop 144.25. Stop-Loss 143.65. Take-Profit 144.52, 145.00, 145.50, 146.00, 146.60, 147.00, 147.60
