EURJPY Hovers Past Mid 129.00 Level As EURO Limits Losses After ECB

EURJPY Price Analysis – July 23

The EURJPY cross stays on track to recover the prior day’s loss after a rebound from the mid 129.00 level during Friday’s European session. The selling pressure in the yen keeps the recovery in EURJPY well and sound at the FX market weekly close. The ECB meeting has helped investors maintain an optimistic outlook on the EURO.

Key Levels
Resistance Levels: 132.00, 131.00, 130.00
Support Levels: 129.02, 128.00, 127.07
EURJPY Long term Trend: RangingIn a broader sense, a rise from level 121.61 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 weekly low at 128.59 support level holds.

On the other side, a drop beneath the level at 128.59 weekly low may reveal the 128.21-128.29 range (monthly low-levels Mar.2021) and then level 128.00. Even so, the continuous breach of the 128.00 level may imply that growth has been accomplished from the 121.61 level, refocusing attention on this low.
EURJPY Short term Trend: Ranging
At the moment the intraday bias in EURJPY remains slightly to the downside. The present rally may aim for a sustained rebound from 128.59 to 131.00 levels. To suggest short-term topping, a breach of 128.50 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 the 131.27 level. Near-term support shifts to level 129.02, then level 129.62 which typically holds higher for retaining the initial risk. A breach may see a reversal to level 128.59 but with anticipated fresh buyers below.

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