EURJPY Recovers From 130.00 Level, Yen Under Pressure as US Yields Rise

EURJPY Recovers From 130.00 Level, Yen Under Pressure as US Yields Rise

EURJPY Price Analysis – April 9

During Friday’s European session, the EURJPY picks up steam from the prior day’s recovery at the 130.00 level and continues to pursue higher levels around the 131.00 regions. The pair will have to overcome a 130.66 upside barrier to improve its traction towards the 131.00 level. The firm daily recovery in US yields supports a selling bias around the Japanese safe haven, bringing the EURJPY cross closer to its yearly highs around 130.66.

Key Levels
Resistance Levels: 131.50, 131.00, 130.66
Support Levels: 129.56, 128.29, 127.50
EURJPY Long term Trend: Bullish
As seen on the daily chart, EURJPY has so far managed a 130.67 high; further strength eyes 131.00 high level, which can smoothen the path up towards the key markers of 132.06 and 134.42 levels. The pair is currently trading at 130.43, up 0.24 percent, and a break above the 130.66 resistance zone would take it to 131.00, a new year high.

Initial support, on the other hand, is at 130.00, followed by 129.56 (the prior day’s low) and finally 128.29. (March low). In the meantime, the rise from 114.39 is seen as a medium-term phase of growth within a long-term consolidation pattern. As long as the support level at 119.31 remains unchanged, steady growth is predicted.
EURJPY Short term Trend: Bullish
So far, the EURJPY pair has been unable to break through resistance at 130.66 level, and the intraday bias remains neutral. On the downside, a break of minor support at 129.56 level would extend the consolidation from 130.66 level and result in a new drop.

On a break of the 128.29 support level, the intraday bias will be switched back to the downside. However, the downside should be contained above the 127.50 resistance level, which has now turned into support. A decisive breach of 130.66 level on the upside will restart the entire rally from 114.39 level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.