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EURJPY Price Analysis – March 5
The continuation of the selling sentiment in the Japanese yen lends extra legs to the EURJPY beyond 129.00 level at the weekend. In the meantime, the pair sustains its upside sentiments price towards the round number at 130.00. As equities and U.S. yields continue to show a strong united front, we will continue to see the JPY on the weak side across all pairs.
Key Levels
Resistance Levels: 134.00, 132.00, 130.00
Support Levels: 128.50, 128.00, 127.50
EURJPY Long term Trend: Bullish
Analyzing from a technical perspective, any further advance in the EURJPY may be confronted with enormous resistance at 130.00 level which corresponds with the yearly high of Feb 24. For the bullish momentum to continue the EURJPY would need to flip the barrier into support.
However, on the flip side, if the EURJPY pair fails to break above the mentioned line, then it would find itself on the back foot again looking at the moving average 13 as immediate support at the horizontal line around 128.50 level. The overall bias stays above while the pair trades past moving average 5 at 129.00 level as the outlook for the cross remains constructive.
EURJPY Short term Trend: Bullish
The intraday bias in EURJPY stays mildly to the upside and range trading from 129.97 high may continue further. However, a further rally is anticipated as long as 127.50 resistance turned support level holds intact.
On the upside, past the high at 129.97 level may restart the upside run from 121.61 level to 100% forecast of 121.61 to 127.50 level from 125.08 at 130.00 levels next. Meanwhile, the resilient breach of 127.50 level may alter bias to the downside, for a steeper fall to the 125.08 support level.
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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