EURJPY bulls confront the possibility of retreating under the 130 level Amid Europe’s lagging vaccine campaign

EURJPY Price Analysis – March 12

EURJPY has declined rapidly after ascending to the high level at 130.34 level during the early European session on Friday. The currency pair breached the 130.00 psychological zones to hit a fresh intraday high at 130.34 marks. Investors were not convinced by the ECB’s report and are worried about Europe’s lagging vaccine campaign.

Key Levels
Resistance Levels: 133.12, 131.98, 130.50
Support Levels: 128.50, 127.50, 126.50
EURJPY Long term Trend: Bullish
The exchange rate fell from 130.34 high and bearish traders may likely attempt to push the EURJPY down during the trading session. The relative strength index (RSI) is at the overbought zone hence the recent correction lower. However, the 129.50 support level and MA 50 zone could support the exchange rate in the medium term.

In the larger context, the increase from 114.39 low level is seen as a medium-term increasing phase inside a long-term ascending trend. Further upside is anticipated as long as 128.50 support holds. The next target is 137.49 (2018 high). However, a solid breakout of 127.50 could provide confidence that the rally from 114.39 has ended and brought attention back to that low.
EURJPY Short term Trend: Ranging
EURJPY’s uptrend restarted by surpassing the 129.50 recently hits as high as 130.34 so far. The pair’s intraday bias is back on the upside. Meanwhile, the present advance from 121.61 should target a 100% forecast of 121.61 to 127.50 levels from 125.08 at 130.50 levels next.

On the contrary, the breach of 129.50 minor support may alter bias neutral again initially. On the upside, above 130.00 level may hold the bulls intact. EURJPY has also moved above the moving average of 13 while the 4 hour RSI hovers around its top end. The pair may resume the downward trend to 127.50 level.

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