EURJPY Bullish Impulse Sustains Price Towards 130.00 Level

EURJPY Bullish Impulse Sustains Price Towards 130.00 Level

EURJPY Price Analysis – March 5

The continuation of the selling sentiment in the Japanese yen lends extra legs to the EURJPY beyond 129.00 level at the weekend. In the meantime, the pair sustains its upside sentiments price towards the round number at 130.00. As equities and U.S. yields continue to show a strong united front, we will continue to see the JPY on the weak side across all pairs.

Key Levels
Resistance Levels: 134.00, 132.00, 130.00
Support Levels: 128.50, 128.00, 127.50
EURJPY Long term Trend: Bullish
Analyzing from a technical perspective, any further advance in the EURJPY may be confronted with enormous resistance at 130.00 level which corresponds with the yearly high of Feb 24. For the bullish momentum to continue the EURJPY would need to flip the barrier into support.

However, on the flip side, if the EURJPY pair fails to break above the mentioned line, then it would find itself on the back foot again looking at the moving average 13 as immediate support at the horizontal line around 128.50 level. The overall bias stays above while the pair trades past moving average 5 at 129.00 level as the outlook for the cross remains constructive.
EURJPY Short term Trend: Bullish
The intraday bias in EURJPY stays mildly to the upside and range trading from 129.97 high may continue further. However, a further rally is anticipated as long as 127.50 resistance turned support level holds intact.

On the upside, past the high at 129.97 level may restart the upside run from 121.61 level to 100% forecast of 121.61 to 127.50 level from 125.08 at 130.00 levels next. Meanwhile, the resilient breach of 127.50 level may alter bias to the downside, for a steeper fall to the 125.08 support level.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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EURJPY Deepens Losses to the Vicinity of Mid 128.00 Level As Japanese Data Bolster Yen

EURJPY Deepens Losses to the Vicinity of Mid 128.00 Level As Japanese Data Bolster Yen

EURJPY Price Analysis – February 26

EURJPY remains beneath recent high and approaches the mid 128.00 level. The pair traded at daily highs around 129.52 before grinding lower to 128.64 level. The Japanese Yen is strong against a basket of currencies after the release of the latest inflation data from the BoJ.

Key Levels
Resistance Levels: 133.12, 132.03, 130.14
Support Levels: 128.45, 127.50, 126.72
EURJPY Long term Trend: Ranging
At the moment the cross is losing 0.34% at 128.90 and faces the next support at 128.45 level followed by 127.50 (psychological level) and then 126.72 medium-low level. On the other hand, a bounce ahead of 129.97 (weekly high Feb.25) would aim for a fresh high past the 130.14 handles.

Looking at the broader picture, while above the moving average 5 at 128.50 level the outlook for the cross should remain constructive. The Relative Strength Index has made a bearish divergence pattern while the price is slightly below the horizontal barrier at 130.14. The pair may continue falling as bears target the next support at the $128.45 level.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY is altered slightly bearish at the upside channel with the present retreat. Meanwhile, some consolidations could be seen beneath the 129.97 temporary high. But further range trading is anticipated for as long as 127.50 resistance turned support level holds intact.

On the upside, above 129.97 level may restart the bullish trend from 121.63 to 126.10 to 127.50 from 125.07 at 130.14 next level. EURJPY has also moved below the moving average of 5 and 13 while the 4 hour RSI hovers around its neutral line. The pair may resume the downward trend to 127.50 level.

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EURJPY pulls back to key level

EURJPY pulls back to key level

Key level of support: 127.30

Higher Time Frame Readings
The EUR/JPY has been in a heavy bullish run since it bottomed around  and now its retesting the previous broken level.

Short Term Entry
The EJ has pulled back from the highs to retest the previous key level which confluences with the previous 3 weeks’ highs.
This is a massive breakout/retest on the EJ right at the 50% of the last bullish leg.

On the divergence side we have detected bullish hidden divergence on the 2H and 4H giving the bullish side a higher probability on this trade.

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EURJPY Surpasses 127.00 Level As Weakness Around Yen Sustains Buying Interest

EURJPY Surpasses 127.00 Level As Weakness Around Yen Sustains Buying Interest

EURJPY Price Analysis – February 12

The EURJPY pair increases after crossing beyond the 127.00 level during Friday’s European session. It adds to the recent upside move after reclaiming the round figure. Following the price action caused by persistent weakness surrounding the Yen, EURJPY appears to sustain buying interest.

Key Levels
Resistance Levels: 130.18, 128.67, 127.50
Support Levels: 126.10, 125.09, 123.24
EURJPY Long term Trend: Ranging
At the moment the cross is gaining 0.07% at 127.10 level and confronts the next upside resistance at 127.50 (2021 high) level followed by 130.18 (high) level and then 133.13 (high) level. On the flip side, a plunge beneath 126.10 (low) level would aim for 125.09 (low) level and finally 124.13 (low) level.

In the larger context, the advance from 114.35 level is seen as a medium-term increasing phase inside a long term ranging trend. A continuous advance is anticipated as long as the 121.63 support level holds. However, a firm breach of 121.63 level may suggest that the increase from 114.35 has finished and alter attention back to this low.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY stays neutral as the range trading from 127.50 is increasing. In the scenario of another plunge, the downside should be contained by a 125.09 support level to usher in a rebound. On the upside, a decisive breach of 127.50 level may restart a larger increase from 114.35 level, to 128.67 level.

A the moment, a continuous rally may be seen to retest the high at 127.50 level. On the other hand, a breakout of the 125.09 area could push the trend back to the downside towards the 121.63 support level. All things being equal, the EURJPY pair may continue upwards during the next trading session.

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EURJPY bullish continuation in play

EURJPY bullish continuation in play

The EURJPY is trading in a bullish structure and has now pulled back to a previous key level which confluences with the 50% retracement of the entire bullish move.

Hidden bullish divergence detected.

Should price break with the short term structure and the highs of the no-trade-zone (126.10-126.40 range) a bullish continuation is in play to retest the previous highs around the 127.25 level. This level confluences with big bullish targets:
The 1.618 of the first bullish leg of the entire move and the 2.618 of the pattern.

 

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