EURJPY Recovers to Tops, Fear of Losing Steam at 130.74 Level Stays

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EURJPY Price Analysis – September 3

EURJPY now consolidates some of its previous gains to recent highs around the 130.74 level and recedes to 130.44 intraday lows at the time of this post. Goushi Kataoka, a renowned tenacious dove on the BoJ board, cautioned that the Japanese economy was still in a “serious state.” The economy is improving, but it isn’t doing so quickly sufficient.

Key Levels
Resistance Levels: 133.00, 132.00, 131.00
Support Levels: 130.00, 129.00, 128.00
EURJPY Long term Trend: Ranging
If bullish momentum sustains, the pair is projected to continue to the next significant region around 131.08, where it hit a barrier on July 13, as shown on the daily chart. Just above the 131.00 level, there is significant horizontal resistance farther north.

While the RSI’s recovery towards the near overbought area signals the pair will rebound further, the EURJPY bulls will need a clear break of the 131.00 marks to advance to the 131.27 level and the June high near the 132.70 regions. Overall the pair may consolidate at the top.
EURJPY Short term Trend: Bullish
With a reversal from 127.93 to 130.74 at 130.69 at present, the EURJPY intraday bias remains bullish. A strong breach higher would indicate the start of the whole corrective upsurge from the level at 127.93, is aiming for a 100 percent reversal at 131.00, near the critical resistance zone.

A breach of the 130.00 level lower, on the other hand, will bring the ascending trend back to retest the 129.00 trading range. A clear drop below the 128.50 marks, on the other hand, might send the price plummeting into the psychological magnets around 128.00.

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