EURJPY Surpasses 127.00 Level As Weakness Around Yen Sustains Buying Interest

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EURJPY Price Analysis – February 12

The EURJPY pair increases after crossing beyond the 127.00 level during Friday’s European session. It adds to the recent upside move after reclaiming the round figure. Following the price action caused by persistent weakness surrounding the Yen, EURJPY appears to sustain buying interest.

Key Levels
Resistance Levels: 130.18, 128.67, 127.50
Support Levels: 126.10, 125.09, 123.24
EURJPY Long term Trend: Ranging
At the moment the cross is gaining 0.07% at 127.10 level and confronts the next upside resistance at 127.50 (2021 high) level followed by 130.18 (high) level and then 133.13 (high) level. On the flip side, a plunge beneath 126.10 (low) level would aim for 125.09 (low) level and finally 124.13 (low) level.

In the larger context, the advance from 114.35 level is seen as a medium-term increasing phase inside a long term ranging trend. A continuous advance is anticipated as long as the 121.63 support level holds. However, a firm breach of 121.63 level may suggest that the increase from 114.35 has finished and alter attention back to this low.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY stays neutral as the range trading from 127.50 is increasing. In the scenario of another plunge, the downside should be contained by a 125.09 support level to usher in a rebound. On the upside, a decisive breach of 127.50 level may restart a larger increase from 114.35 level, to 128.67 level.

A the moment, a continuous rally may be seen to retest the high at 127.50 level. On the other hand, a breakout of the 125.09 area could push the trend back to the downside towards the 121.63 support level. All things being equal, the EURJPY pair may continue upwards during the next trading session.

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