EURJPY Extends Bounce As Further Gains Lie Above 132.00 Level

EURJPY Extends Bounce As Further Gains Lie Above 132.00 Level

EURJPY Price Analysis – June 25

EURJPY gathers buying to 132.45, attempting to cross over the mid-132.00 threshold. During the early Friday recovery moves, the pair is up 0.10 percent intraday, increasing for the fourth session in a row.

Key Levels
Resistance Levels: 133.50, 133.00, 132.50
Support Levels: 13200, 131.50, 131.00
EURJPY Long term Trend: Ranging
The EURJPY continues to move north, slowly reaching the 132.69 weekly high level. The pair is currently up 0.10 percent at 132.30, and a breakthrough in the sub 133.00 zone will take the pair to 133.50, putting it on track to set new highs.

Initial support, on the other hand, is around 131.50, followed by the 130.04 weekly low and ultimately the 129.02 low. In the meantime, the rise from 121.61 is considered as a medium-term phase of growth inside a long-term consolidation trend. As long as the support level of 129.02 remains unchanged, a steady gain is likely.
EURJPY Short term Trend: Ranging
EURJPY is still trading in a range of around 132.27, with an initial positive intraday bias. On the 4-hour time frame, however, a steeper correction is brewing, but the trend may remain bullish as long as the 130.04 support level holds. On the other hand, a continuing breach of the 132.50 medium level might confirm a short-term uptrend and lead to a 100 percent forecast of 130.04 to 132.69 from 132.00 at 133.50 levels shortly.

In the short term, the EURJPY remains vulnerable to an upward bias, therefore a break below the support level of 132.00 might lead to weakening into the 131.50/131.00 support zone. On the other hand, resistance can be seen near the price level of 133.00. The pair may keep moving forward.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.