EURJPY Rises for the 2nd Day in a Row Past Mid 129.00 Level

EURJPY Price Analysis – October 8

Amid the strengthening offered stance in the yen, EURJPY adds to the optimistic momentum seen so far in the second half of the week by convincingly surpassing the 129.00 barriers. The pair continues to rise for the second day in a row past the 129.50 level. The rise in US yields strengthens the dollar and weakens the yen, giving the pair more momentum.

Key Levels
Resistance Levels: 131.00, 130.47, 130.00
Support Levels: 129.00, 128.58, 128.00
EURJPY Long term Trend: Ranging
The EURJPY is steadily reaching beyond 129.50 area, maintaining its northward surge. The pair is currently trading at 129.61, up 0.20 percent, and a sustained break above the 129.50 resistance zone will take it to 130.47 high. On a break of the resistance, the EURJPY pair may return towards the yearly high of 134.12.

Initial support, on the other hand, is at 128.33, followed by 127.93 (the September 22 low) and lastly the ascending trendline support. In the meantime, the rise from 127.93 is considered as a medium-term phase of growth inside a long-term consolidation trend. As long as the support level of 127.93 remains unchanged, a steady gain is likely.
EURJPY Short term Trend: Ranging
The EURJPY lost traction ahead of the 130.00 resistance level earlier before resuming gains, as the 4-hour relative strength index approached 70. The intraday bias has shifted from bearish to bullish. A decisive break of the 130.00 level, on the other hand, might resume the broad bounce from the 128.00 level.

The mid-term high zone of 130.47 should be the next goal. A breach of the 125.00 barrier zone, which has now converted into a support level, on the other hand, might reverse the downtrend and lead to another cycle of a drop from the 130 47 levels in a reversal occurs.

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