EURJPY Recovers Past 130.00, Regains Losses As Yen Stays on the Back Foot on Increased US Yields

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EURJPY Price Analysis – July 16

On the strength of a mild selling tendency in the yen, EURJPY regains losses at the close of the week after recent pullbacks. Recovering past the 130.00 handles the overall sentiment for the cross is considered positive. The dollar continues to rise against the backdrop of improving US yields, favoring the yen’s offering bias.

Key Levels
Resistance Levels: 132.50, 132.00, 130.50
Support Levels: 129.61, 128.45, 127.50
EURJPY Long term Trend: Ranging
The cross is currently trading at 130.09, with the next resistance around MA 5, followed by 131.00 (psychological barrier), and then the next high level at 132.00. A drop below the 129.61 level (weekly low Jul.15) would, on the other hand, expose the 128.45 support level and, eventually, the critical 127.50 zones.

Overall, the technicals of the EURJPY daily chart suggest that a daily close above 130.00 may provide fuel for a possible rise to the 2021 high at 134.16. (May 31). While maintaining its upward trend on the trendline support zone, further gains are still possible. Above all, for the time being, the general picture for the cross is considered as positive.
EURJPY Short term Trend: Ranging
On the 4-hour chart, the EURJPY’s recovery from the weekly low of 129.61 could continue, and the intraday bias is initially bullish. A possible breach of the 130.50 near-term high level will resume the bigger uptrend that began at the 121.62 low level.

Meanwhile, a break below the 129.61 marks on the downside might extend the decline from the 134.16 high. However, the downside must be contained above major resistance turned support at 127.50 for the bullish run to resume.

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