EURJPY Pair Recovers From Recent Lows Above Mid-129.00 Level

EURJPY Price Analysis – July 9

EURJPY regained its footing, aided by the resumption of the offered bias surrounding the greenback, which allows for euro gains. The pair manages to recoup some of its losses from the previous day’s low of 129.62. Furthermore, investors continue to favor the risk complex, which adds to the selling pressure on the Yen.

Key Levels
Resistance Levels: 133.00, 132.00, 131.00
Support Levels: 130.00, 129.02, 128.00
EURJPY Long term Trend: Ranging
The EURJPY has made another bullish break over the psychological zone at 130.00 after breaking through moving average 5 at 129.62. However, the price action is approaching a key resistance zone at 131.00. As a result, this chart analysis can disclose both bullish and bearish scenarios depending on how price reacts to support and resistance levels.

A bearish breakdown below the horizontal support level at 130.00 could invalidate the bullish surge’s conclusion. A big bullish breakout at the horizontal resistance level of 131.00 could imply further upward and keep the bullish scenario alive. As long as the pair trades above the moving average of 5, the overall bias stays favorable.

EURJPY Short term Trend: Ranging
The intraday tendency of the EURJPY remains significantly tilted towards the upside, and range trading from 129.62 may extend beyond the 131.00 high. Price retracement is expected during this session or the next if the 132.00 resistance zone maintains intact.

If the price breaks over the 132.00 high on the upside, the uptrend from 129.62 could resume, with a 100 percent estimate of 129.62 to 130.84 from 131.00 at 132.00 levels next. Meanwhile, the 131.00 resistance level’s persistence could shift the bias to the downside, implying a deeper decline to the 130.00 support level.

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