EURJPY Continues Rangebound Action, Extends Recovery Ahead of 129.97 Level

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EURJPY Price Analysis – April 16

Since the day’s start, the EURJPY has been in a rangebound action above the 129.97 level, despite alternating risk aversion patterns and declining yields in the US bond market. The currency pair tested the 130.54 high during Friday’s trading session.

Key Levels
Resistance Levels: 131.98, 131.00, 130.66
Support Levels: 129.56, 128.29, 127.50
EURJPY Long term Trend: Ranging
As seen in the daily chart, recent lows at 129.97 may contain potential bearish moves, while the 130.54 area holds upside potential for now. In addition, as long as EURJPY is within the 5 and 13 key moving average at 130.00, the positive bias is expected to remain unchanged. In a broader context, the rise from 114.39 is seen as a mid-term growth phase within the long-term consolidation trend.

Further gains are expected as long as the 129.56 support level is held. A break of 130.66 could see a rebound from 137.49 (high) to 114.39 at 130.66. However, a solid break of 128.29 would be an argument that the rally from 114.42 is over and draw attention to this low.
EURJPY Short term Trend: Ranging
The intraday slope of EURJPY remains sideways for now as it continues to fluctuate from the temporary low of 128.29. A steeper drop may remain in support as long as the 130.66 resistance level remains, even in the event of a stronger rebound.

A break of the temporary low of 129.56 could resume the fall from 130.66 to a pullback from 114.39 to 128.29 at 129.56 levels, which is close to the key support level of 130.00. However, the lower border of the uptrend line may support the exchange rate in the short term.

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