EURJPY Rebounds From the 128.38 Regions As German Data Beats Estimates

EURJPY Price Analysis – March 26

EURJPY gains extra momentum and rebounds from the level at 128.38 during the European session on Friday. The pair will contend with an upside barrier of 129.50 level at the end of the week against the backdrop of the prevailing risk appetite trend in the global markets as the German IFO Business Climate beat estimates with 96.6 points.

Key Levels
Resistance Levels: 130.65, 130.00, 129.50
Support Levels: 128.50, 128.00, 127.50
EURJPY Long term Trend: Bullish
In the larger sense, the lift from level 128.38 is seen within a long-term uptrend as a medium to long-term bullish return phase. As long as the 128.50 support level holds, a further advance is anticipated. The potential target for bullish traders would be near the MA 13 near the 129.50 level.

The markets could indicate that the price may test the top border at 129.50 level and then resume moving downwards on a break of 128.50 to reach 128.00 level in subsequent sessions. Meanwhile, the bearish scenario may no longer be valid if the price breaks the topside border and fixes above 130.65 level.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY stays in a range for the moment. Correction from 130.65 short-term high may extend lower. But the pair’s downside arrangement may be contained past the 127.50 resistance altered support to usher in a fresh rebound. On the upside, past the 129.50 support, altered resistance may change intraday bias back to the upside for approaching the high level at 130.65.

From the momentum indicators perspective, the RSI is moving upwards in the positive region, while the MA 5 and 13 crossing is increasing in momentum below price and back to the bullish territory. Overall, EURJPY traction is following the upside structure of the price. Should the pair manage to strengthen its upside tendency, the next target could come around the peak of 130.65 level.

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