EURJPY Hovers Around 132.00 As ECB’s Lagarde Statement Nears

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EURJPY Price Analysis – July 2

The EURJPY sought to maintain on the prior day’s advances on Friday but remains flat. To allow for additional gains to the 133.00 neighborhood, the recovery needs to clear the mid 132.00 area. Euro stays stable due to positive economic statistics and the ECB’s hopeful outlook for the economy while awaiting Largardes’s statement.

Key Levels
Resistance Levels: 133.50, 133.00, 132.50
Support Levels: 131.50, 131.00, 130.50

EURJPY Long term Trend: Ranging
Weekly lows around 131.27, as seen on the daily chart, may contain possible bearish moves, while the 132.50 level is now holding the upside. Furthermore, EURJPY is projected to keep its upward bias as long as it remains above the major moving averages 5 & 13. Growth from 121.61 is viewed as a medium-term expansion phase inside a long-term consolidation trend.

While the support level of 130.04 is held, further gains are expected. If 131.27 is breached, a mild retreat from 132.43 (weekly high) to 131.27 to 130.04 is possible. A strong breakout of 132.50, on the other hand, would indicate that the rebound from 130.04 has come to increase further, bringing attention to this low.
EURJPY Short term Trend: Ranging
EURJPY’s intraday bias remains sideways for the time being, as it continues to range off a temporary low of 131.27. Even if there is a big rebound, a steeper fall may continue in support as long as the 132.50 resistance level holds.

If the temporary low of 131.27 is breached, the drop from 132.69 to a level of retracement from 131.27 to 131.00 might resume at 132.00, which is close to the crucial moving average support level of 131.90. In the short term, however, the lower border of the ascending trendline may provide support for the exchange rate.

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