• EUR/JPY hit a new YTD high, though it dived back below 144.00.
• EUR/JPY Price Analysis: Rejected at 144.00, it could fall back towards 142.50s.

The EUR/JPY hit a fresh year-to-date (YTD) high at 144.16 on Tuesday, closing the session with gains of 0.26%. However, as Wednesday’s Asian Pacific session begins, the EUR/JPY exchanges hands at 143.70, below its opening price by a minuscule 0.03%.

During the last six days, the EUR/JPY was trading sideways, within 142.90-143.60, trapped, although the daily Exponential Moving Averages (EMAs) were resting below the price action. Even though the EUR/JPY pierced 144.00, failure to hold above the latter could exacerbate a re-test of 143.00, as bears take a respite.

The Relative Strength Index (RSI) is still in bullish territory, but its slope turned flat. While the Rate of Change (RoC), suggests that buying pressure is fading.

From an intraday perspective, the EUR/JPY 4-hour chart portrays the pair fluctuating at around Wednesday’s daily pivot point. Albeit the EUR/JPY has managed to extend its gains, the Relative Strength Index (RSI) suggests the cross would advance steadily instead of rallying sharply, which opens the door for a reversal.

The EUR/JPY first resistance would be 144.00. A breach of the latter will expose the R1 daily pivot at 144.21, followed by a downslope trendline that passes around 144.40, ahead of the R2 pivot point at 144.68. Once broken, the EUR/JPY can get to 145.00.

As an alternate scenario, the EUR/JPY first support would be the 20-EMA at 143.40, followed by the S1 daily pivot at 143.22. the next line of defense for EUR/JPY bulls would be the psychological 143.00 figure.