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EURJPY Price Analysis – August 6
Before finding buyers versus the Japanese Yen, the EUR continues to fall below the 130.00 level while searching for a solid rebound, the EUR/JPY traded as low as 129.58 at the time of this post. In July 2021, nonfarm payrolls in the United States may rise from 850K to 870K. This suggests that the market will continue to increase in the following sessions. The EURJPY may whipsaw as the forex market moves erratically.
Resistance Levels: 131.00, 130.50, 130.00
Support Levels: 128.58, 128.00, 127.50
EURJPY Long term Trend: Ranging
The single European currency has declined 38 pips or 0.20 percent versus the Japanese Yen in the current trading session compared to the previous trading session. During the previous session, a breakout occurred through the top end of the horizontal resistance level of 130.00.
The lower step is just corrective and has the potential to spread to the region 129.00, which is where the immediate support line is located. As long as the horizontal support level at 128.29 holds, the trend at the cross is considered optimistic.
EURJPY Short term Trend: Ranging
Now that the rising trendline support line has gone through at 129.02, the EURJPY trend has switched to short-term consolidation. When the short-term trend recovers, experts expect that the pair will touch its high point around 131.20 in mid-Aug, while EURJPY is trading above 130.00.
Although, the 4-hour Relative Strength Index (RSI) shows that the EURJPY is losing some upside momentum. The tough rebound from the 128.58 level is still in favor of expanding towards a high level of 130.50, with the minor level of support at 129.13 intact.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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