Beyond the Mid-131.00 Level, the EURJPY Manages To Recover Upside Momentum

EURJPY Price Analysis – May 7

EURJPY regains its momentum and buying interest, continues to move north. If all other factors remain constant, the exchange rate is expected to rise further in the present trading session. The EURJPY pair’s possible goal may be above the 132.00 marks. The improvement in German 10-year Bond yields appears to be supporting the European currency’s momentum.

Key Levels
Resistance Levels: 133.00, 132.50, 132.00
Support Levels: 131.40, 131.00, 130.50
EURJPY Long term Trend: Ranging
During today’s trading session, the currency pair attempts to cross the upper horizontal level at 132.00 at the time of writing before heading north to test the mid 132 level. All things considered, the EURJPY exchange rate may continue upwards into the next trading session. Investors in bull markets are keen to push the market to a level beyond 132.00.

If it falls during the next trading session, however, a support cluster formed by the moving average 13 at 131.20 and the ascending trendline at the 131.68 level could provide additional support for the currency exchange rate. In the event of a turnaround, sentiment may remain bullish.
EURJPY Short term Trend: Ranging
The rise in the EURJPY from 128.29 medium-term low is continuing, and the fall from 132.36 continues its reversal from the 131.00 regions. More gains can be seen at first, as seen on the daily chart, up to the 132.00 resistance zone. On the downside, however, a breach of the 131.00 support level could signal the end of the turnaround and a change in the bias back to the downside.

Since the EURJPY is still trending with an upward bias in the short term, a break above the resistance level of 132.00 could lead to strength towards fresh highs in the vicinity of the 132.50/133.00 resistance zone. On the other hand, initial support can be found near the price level of 131.40 as seen in the shorter time frame.

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