EURJPY Upside Run Returns With Further Gains and Could Test the 128.50 Barrier

EURJPY Upside Run Returns With Further Gains and Could Test the 128.50 Barrier

EURJPY Price Analysis – February 19

The single European currency surged by 30 pips or 0.08% against the Japanese Yen on Friday. The EURJPY upside run returns to extend the rally further with gains and could test the fresh YTD peaks near the 128.50 level. If the buying impetus picks up extra steam the pair may confront upside barriers at the end of the week against the backdrop of the prevailing risk appetite trend in the global markets.

Key Levels
Resistance Levels: 130.00, 128.50, 128.00
Support Levels: 127.50, 127.07, 126.50
EURJPY Long term Trend: Bullish
As seen on the daily chart, the EURJPY maintains an unchanged thrust to the north and is gradually approaching the 128.50 barriers and if breached may set the stage for the 130.00 test. Reinforcing the idea of the upside bias, the EURJPY pair continues trading above the immediate support level at 127.50 level.

If the 128.50 resistance zone holds, the rate should decline back to the 127.00 marks. On the other hand, the weekly resistance at the 128.50 level could be reached in the case of breaking past the 128.00 psychological marks. However, steady growth is expected as long as the MA 13 and support level at 127.07 remains unchanged.
EURJPY Short term Trend: Ranging
EURJPY remains in a range from 128.45 and intraday bias stays optimistic initially. However a steeper correction is brewing on the 4 hour time, but the trend may stay bullish as long as the 126.50 support level stays. On the flip side, the continuous breach of 128.50 high level may validate short-term upside advance, and approach a 100% forecast of 121.61 to 127.50 from 125.08 at 130.00 levels next.

As EURJPY remains vulnerable to an upward bias in the near term, a breach underneath the support level of 126.09 may deliver weakness towards the support zone of 125.08/121.61. On the other side, one can see resistance near the price level of 128.00 level. The pair may continue its advance into the following session.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.