EURJPY Re-Visits 130.00 Region and Builds on Recent Gains As Yen Stays Offered

EURJPY Price Analysis – April 2

The EURJPY progresses higher during the early European session on Friday and surpasses the 130.00 psychological regions again. The Japanese yen stays offered amid yields of the US 10-year reference in the lower end of the range after some downside pressure earlier in the week.

Key Levels
Resistance Levels: 131.50, 131.00, 130.66
Support Levels: 129.50, 128.29, 127.50
EURJPY Long term Trend: Ranging
At the moment the cross is trading at 130.19 and confronts the next hurdle at 130.66 level (2021 high Mar.18) followed by 131.00 (psychological level) and then next high level at 131.98. On the other hand, a fall beneath the 128.29 level (weekly low Mar.24) would expose the 128.00 round level and finally the key 127.50 zones.

Overall, the technicals of the EURJPY daily chart indicate that a daily close above 130.00 may usher in the impetus for a potential move to 2021 high at 130.66 level (March 18). While sustaining its ascent on the trendline support zone, further gains remain well on the table.
EURJPY Short term Trend: Ranging
On the 4-hour chart, EURJPY’s rebound from the weekly low of 128.29 level could still extend and intraday bias stays initially at the top. The further upside, a sustained breach of 130.66 high level will resume a larger uptrend from 114.42 low level.

Meanwhile, on the downside, beneath the 128.29 level may continue the correction from the 130.66 high level. But downside should be contained above 127.50 key resistance turned support to usher in the resumption of the upside run.