• The Euro rose to multi-week highs but retraced and cleared the 20 and 50-day EMAs.
• EUR/JPY: A decisive break below 143.00 could pave the way towards the 100 and 200-day EMAs, around 142.55 and 139.88.

The EUR/JPY erases some of its earlier gains after hitting a daily high at 145.34 and tumbles more than 140 pips in the mid-Tuesday North American session, down by 1.02%. At the time of typing, the EUR/JPY is trading at 143.58.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY remains neutral-biased. After clearing the top-trendline of a descending channel on Monday, the cross pairs those gains and is back within the boundaries of the former. In addition, on its way south, the EUR/JPY conquered the 20 and 50-day Exponential Moving Averages (EMAs) around 143.89/144.04, eyeing a test of the last week’s low around 143.09.

Oscillators like the Relative Strength Index (RSI) crossing below 50, in bearish territory and the Rate of Change (RoC) beneath 0, suggest that sellers are gathering momentum, which would put in play, the 100-day EMA and also the bottom of the descending channel ahead of the 200-day EMA at 139.88.

Therefore, the EUR/JPY first support would be 143.09. Break below will expose the 100-day EMA at 142.55, followed by the December 2 at 142.54, followed by the 200-day EMA at 139.88.

EUR/JPY Key Technical Levels