EURJPY Gathers Pace Around the 126.00 Level As USD Sell-Off Boost EUR Momentum

EURJPY Price Analysis – August 14

The European currency’s upside momentum remains intact as EURJPY gathers pace around level 126.00. The persistent weak note in the greenback combined with the Japanese yen’s somewhat steady performance bolsters demand for riskier assets.

Key Levels
Resistance Levels: 137.49, 128.67, 126.78
Support Levels: 124.43, 123.37, 121.96
EURJPY Long term Trend: Bullish
At present, the cross is losing 0.25 percent at level 125.99 and encounters the next up barrier at level 126.78 (2020 high Aug.13) followed by level 127.50. On the other side, a drop beneath level 122.87 may reveal level 121.15 (monthly high-level Mar.25) and then level 120.27.

The increase from level 114.42 may seek a retracement of 61.8 percent from 137.49 to 114.42 levels at the next level 128.67. There’ll be a continuous breach that sets the stage to level 137.49 (high). Until now, this will continue to be a key scene, as long as the confluence zone that unites the ascending trendline and horizontal support line (now at 121.96 levels) maintains.
EURJPY Short term Trend: Bullish
At the moment the intraday bias in EURJPY remains on the upside. The present rally may aim a forecast of 100 percent from 119.31 to 129.32 levels, from 114.42 to 124.43 levels. To suggest short-term topping, a breach of 123.37 support level is necessary on the downside. Alternatively, forecast in the event of a retreat may stay bullish.

Nonetheless, a clear breach might see resistance next at 128.67 level at the 61.8 percent retraction of the decline from 2018. Near-term support shifts to level 125.58, then level 124.43 which typically holds higher for retaining the initial risk. A breach may see a reversal to level 123.37 but with anticipated fresh buyers below.

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