EURJPY Reclaims 132.00 Level and Goes Higher at the End of the Week

Updated:

EURJPY Price Analysis – October 15

The EURJPY’s ascent continues unabated, having already crossed the critical barrier of 132.00 on Friday. The exchange rate continues to rise and the levels within the vicinity of the 134.16 high from June is the pair’s next objective. While the eurozone’s economic recovery was progressing, ECB President Lagarde warned it was “crucial” that policy support not be withdrawn prematurely.

Key Levels
Resistance Levels: 135.00, 134.16, 133.00
Support Levels: 131.00, 130.50, 130.00
EURJPY Long term Trend: Ranging
This week, the EURJPY rebound appears to have broken above 132.00, allowing for further stabilization. Exiting this zone could lead to a visit to the 134.16 high points. If the corrective spike persists, the pair may retest previous highs near 134.16. In a larger sense, the increase from 121.63 is viewed as a mid-term expansion phase in the long-term trend of joint consolidation.

As long as the support level of 125.09 remains unchanged, a steady gain is expected. The breakthrough of the 131.00 level, on the other hand, could indicate that the rally from the 121.63 level has come to an end, drawing attention back to the lows.
EURJPY Short term Trend: Bullish
After reaching the 132.77 level, below the 133.00 resistance level, the EURJPY rebound has slowed. The pair’s intraday bias has returned to neutral. A prolonged breakthrough of the 132.00 resistance level, on the other hand, could signal the end of the correction from the 128.33 level.

There could be another surge to retest this peak. A breach of the 132.00 area lower, on the other hand, might push the trend back to the negative and towards the 130.00 support level. In all likelihood, the EURJPY pair will continue to consolidate throughout the upcoming trading session.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.