EURJPY Ascends to the 129.75 High, Where Stiff Resistance Awaits

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EURJPY Price Analysis – September 24

EURJPY rose for the second session in a row on Friday, briefly testing the range just above mid 129.00. Global equity futures indices are rising, indicating that the market mood is positive. Evergrnade’s problems fade away, although vigilance is advised. The strongest currencies in the FX market are the British pound and the euro, while the US dollar is the weakest across the board.

Key Levels
Resistance Levels: 132.00, 131.00, 130.00
Support Levels: 129.13, 128.29, 127.30
EURJPY Long term Trend: Ranging
In a broader sense, a rise from level 127.93 is considered as a medium to long-term rising phase inside a long-term sideways trend. A further gain is expected as long as the 128.00 support level holds. The EURJPY may continue rising into the next session.

A breach of the 130.00 level might target a 61.8 percent retracement of the 134.12 (high) level to 121.61 at the next 129.62 level. Even so, the continuous breach of the 130.00 level may imply that growth has been accomplished from the 121.69 level, refocusing attention on this low.
EURJPY Short term Trend: Ranging
The EURJPY is stabilizing above 129.13, with the previous month’s high at 130.17 level and now having reached a fresh high in the current month at 130.74. The optimistic outlook is expected to hold as long as EURJPY trades above the 4-hour moving average 5 and 13.

In a broader sense, the full downturn from the high of 130.74 should have been completed by level 127.93. Increasing from 128.00 may target a retracement of 134.12 to 127.93 levels, with 130.00 as the next target. A continuous split may occur, bringing the target to level 134.12 (high).

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