EURJPY Recovers From Intraday Lows on Eurozone Trade Surplus

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EURJPY Price Analysis – August 13

In the early hours of the American session on Friday, the EURJPY sustains its bounce from an intraday low of 129.36, returning to the prior day trading zone. The pair held steady on the broader EUR advance as Eurostat statistics revealed that the eurozone had a trade surplus of €12.4 billion, which was higher than the market expectation of €9.3 billion.

Key Levels
Resistance Levels: 131.00, 130.50, 130.00
Support Levels: 128.58, 127.50, 126.72
EURJPY Long term Trend: Ranging
In a broader sense, the robust bounce from support level 129.61 implies that the entire steady drop from the high of 134.16 has come to an end at 128.59. The current surge may soon aim for a 61.8 percent retracement from 134.16 to 128.59 levels at the next stage of 130.00.

There, the sustained break allows for a level of 134.16 to be attempted once again. For the time being, the horizontal support line (currently at 128.59) remains intact, as this appears to be the most likely scenario.
EURJPY Short term Trend: Ranging
On positive consolidation in the 4 hour RSI, the continuous range of EURJPY’s sub 130 resistance level signals a short-term bottoming at a level of 128.58. When this area of resistance is broken, the next target will be 130.50 level in the horizontal barrier line’s confluence zone.

The intraday bias is already in favor of a stronger recovery to the 130.00 barrier level. The 128.58-level break will instead launch a larger slump on the downside. To persuade EURJPY buyers to challenge a somewhat broader resistance line near 131.00, an upside breach of the resistance zone requires confirmation from MA 5 cross above MA 13 at 129.80.

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