• EUR/JPY rallies as buyers eye a break above the 100-day EMA at 138.10.
• A risk-off impulse was no excuse for EUR buyers to propel the shared currency higher.
• EUR/JPY buyers faltering to crack the 138.39 level would expose the pair to selling pressure.

The EUR/JPY climbs towards solid resistance around the 100-day EMA at 138.10 after clearing the 20-day EMA at 137.29, despite a risk-off impulse, which usually benefits safe-haven peers. Nevertheless, in the FX space, the only safe haven up in the day are the greenback and the Swiss franc. At the time of writing, the EUR/JPY is trading at 137.51, registering gains of 0.72%.

EUR/JPY Price Analysis: Technical outlook

The EUR/JPY daily chart portrays the pair as neutral-to-upward biased, further cemented by the Relative Strength Index (RSI) pushing above the 50-midline, signaling buyers are gaining impulse. However, unless they break above the August 10 daily high at 138.39, risks of sellers stepping in remain. If EUR/JPY reclaims the latter, the first resistance would be the 139.00 figure, followed by the50-day EMA at 139.36 and a downslope trendline drawn from the YTD highs around 144.00.

On the flip side, the EUR/JPY first support would be the August 16 high previous resistance-turned-support at 136.91. Once cleared, the next support will be the August 17 low at 136.26, followed by the August 16 daily low at 134.94.EUR/JPY Daily chart

EUR/JPY Key Technical Levels