• EURJPY has been dragged to a knee-jerk reaction low recorded on October 24 at 143.72.
• The 20-EMA is scrapping the upside attempts from the cross.
• Downward-sloping 200-EMA adds to the downside filters.

The EURJPY pair is displaying back-and-forth moves in a narrow range of 144.33-144.72 in the Tokyo session. Earlier, the cross rebounded from 144.00 but failed to extend its recovery above 144.76 amid the risk-off market mood. The pullback move has failed to gather momentum, which could result in further weakness in the pair.

On an hourly scale, the asset has been dragged to near the knee-jerk reaction low recorded on October 24 at 143.72. The knee-jerk reaction was considered an intervention by the Bank of Japan (BOJ) in the currency markets to support the Japanese yen.

The upside move in the cross has been restricted by the 20-period Exponential Moving Average (EMA) at around 144.62. And, the downward-sloping 200-EMA is hinting that the overall trend is bearish.

Meanwhile, the Relative Strength Index (RSI) (14) has attempted to shift into the 40.00-60.00 range but that doesn’t indicate a termination of the downside trend.

Should the cross drop below October 24 low at 143.72, the Japanese yen bulls will get strengthen further and will drag the asset towards the round-level support at 143.00, followed by October 13 low at 141.76.

On the contrary, the shared currency bulls will regain strength if the asset oversteps the round-level resistance of 146.00, which will send the asset toward Tuesday’s high at 147.06. A breach of the latter will drive the cross towards Monday’s high at 147.76.

EURJPY hourly chart