EURJPY Heads Toward 126.00 Levels As Buyers Aim for Monthly Highs

EURJPY Price Analysis – September 11

EURJPY pulls price around 125.58 level, up 0.43 percent daily, towards 126.00 round figure during the European session on Friday. The emerging risk-on sentiment is now raising EURJPY to fresh 3-day highs as ECB kept its monetary policy unaltered.

Key Levels
Resistance Levels: 127.50, 127.07, 126.78
Support Levels: 124.43, 123.37, 121.96
EURJPY Long term Trend: Bullish
At present, EURJPY is progressing 0.31 percent at level 125.96 and confronts the next up hurdle at level 127.07 (2020 high Sep.1) led by level 127.50 and eventually level 129.25. On the other side, a decline beneath level 124.43 may reveal level 123.37, and eventually level 122.87 (low).

If the recovery gathers extra momentum, then there is no significant barrier to hitting levels just beyond the 127.00 zone of the 2020 high, meanwhile, the positive bias in EURJPY is anticipated to remain unchanged as long as the cross-trades surpass the moving average of 13 at 125.58 level.
EURJPY Short term Trend: Ranging
With support level 124.43 intact, the intraday bias in EURJPY stays initially neutral. A further rise is in favor of continuing and a breach of level 127.07 may restart the surge from level 114.39 to level 128.67.

However, considering the range as a condition in RSI, a strong 124.43 level breach may indicate short-term topping. The intraday bias is switched back to the downside for horizontal support (now at 123.37 level) and a further 38.2 percent retraction at 122.87 level from 114.42 to 127.07 levels.

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