EURJPY Push Beyond 124.00 Level Towards 2020 High Near 124.50 Range

EURJPY Price Analysis – July 31

The recovery of EURJPY fell again short of the 2020 highs, running out of steam earlier in the session in the 124.31 regions. Despite the continuing corrective downside, the extra upside momentum stays intact on the cards and is predicted to retake the 2020 highs close to 124.50 range in the short-term horizon.

Key levels
Resistance Levels: 128.67, 125.49, 124.43
Support Levels: 123.37, 121.96, 119.31
EURJPY Long term Trend: Bullish
EURJPY is consolidating beyond level 122.87 and last month’s top stays high at level 124.43. The bullish view is anticipated to stay consistent as long as EURJPY trades beyond the moving average of 13 at level 123.37.

In the wider sense, the entire downtrend from level 137.49 (high) should have already been accomplished at level 114.42. Increasing from a level of 114.42 may aim a 61.8 percent retracement of 137.49 to 114.42 levels next at 128.67 level. There may be a continuous split that sets the stage to level 137.59 (high).
EURJPY Short term Trend: Bullish
As for the short-term session today, bullish traders may keep driving the exchange rate higher. The possible goal at 124.80 level is now close to 4 hours of timeframe resistance. Intraday bias in EURJPY stays initially neutral and is predicted to increase higher.

On the positive, a steady 124.43 level breach may restart the increase from 114.42 level to 61.8 percent projection from 119.31 level to 125.49 level projection. That being said, on the downside, a breach of 121.96 level then transforms bias to the downside for support level 119.31.

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