EURJPY Set To Continue Rally to 130.00 Barrier Zone Post-Powell Speech

EURJPY Price Analysis – August 27

The EURJPY continues its advance from the 129.15 intraday lows towards the 130.00 near-term high. At the time of this analysis, the EURJPY is trading up at 129.72. Following the announcement of Fed Chair Powell’s address at the Jackson Hole Symposium, his statements caused the US currency to fall across the board boosting the EUR.

Key Levels
Resistance Levels: 131.00, 130.50, 130.00
Support Levels: 128.58, 128.00, 127.50
EURJPY Long term Trend: Ranging
In a broader sense, a rise from level 127.93 is considered as a medium to long-term rising phase inside a long-term sideways trend. A further gain is expected as long as the 129.13 support level holds. The market has lately bounced past the moving average of 5&13.

A sustained breach of the 129.62 level might target the level of 130.00 and the next 130.50 level. Even so, the continuous breach of the 129.62 level may imply that growth has been accomplished from the 121.61 low level, while later refocusing attention on this low.
EURJPY Short term Trend: Ranging
EURJPY rebounds from the 127.93 level is still on, and the intraday bias remains slightly to the upside for a sustained break of the 129.62 level. We can expect a bigger comeback from 129.13 levels to pick up later, with a breach of the 130.00 marks, as a reversal from 134.12 to 127.93 has been supported at 129.13 levels.

On the downside, a violation of the 128.58 minor support level could signal the end of the comeback from the 127.93 level. Intraday bias may shift back to the downside at the 129.13 support level if EURJPY fails to break towards 130.00.

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