EUR/JPY Poised To Resume Its Upside Journey!

Olimpiu Tuns
25 August 2021 | Updated: 25 August 2021

EUR/JPY is trading in the green at 129.02 level and it seems determined to take out the immediate resistance levels. The pair is at resistance, so we’ll have to wait for a valid breakout before considering going long.

The bias is still bearish, that’s why we have to wait for confirmation that EUR/JPY will develop an upside reversal. It’s trapped within a down channel pattern which could represent a reversal one. The Japanese Yen could lose more ground versus its rivals if the JP225 (Nikkei) jumps higher after a minor drop.

EUR/JPY Technical Analysis!

EUR/JPY has retested the weekly pivot point (128.59) registering only a false breakdown with great separation through it. It’s pressuring the downtrend line, making a valid breakout above this dynamic resistance could signal further growth.

The pair has retested the lower median line (LML) confirming it. The median line (ML) is seen as a major and strong target. Technically, being rejected by the downtrend line could invalidated the bullish scenario and could send EUR/JPY down.

Conclusion!

A valid breakout through the downtrend line followed by a new higher high could signal a potential further growth!

 

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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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.