Following Fresh Yearly Highs of 132.36, EURJPY Stays Under Pressure Amid Weak German GDP

Following Fresh Yearly Highs of 132.36, EURJPY Stays Under Pressure Amid Weak German GDP

EURJPY Price Analysis – April 30

After reaching fresh yearly highs at the 132.36 level during Thursday’s trading session, the EURJPY is trading on the defensive. It has taken positive steps almost throughout April. EURJPY stays under pressure amid weak German GDP shrinking by 1.7 percent in the first quarter, which was worse than predicted.

Key Levels
Resistance Levels: 133.00, 132.50, 132.00
Support Levels: 131.00, 130.68, 130.00
EURJPY Long term Trend: Ranging
EURJPY is trading within the mid-131.00 mark, but below the recent peak. The pair reached daily highs of around 132.19 before settling at 131.45 as at the time of this post. The cross is currently losing 0.26 percent at 131.68 and confronts support at 131.40, then 131.00 (psychological level). A bounce above 132.36 (yearly high Feb.25), on the other hand, will reach a high above the 132.50 handles.

Looking at the broader picture, while above the moving average 5 at 129.80 level the outlook for the cross should remain constructive. The Relative Strength Index has made a bearish divergence pattern while the price is below the horizontal barrier at 132.50. The pair may continue falling as bears target the next support at the $131.00 level.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY is altered slightly bearish at the upside channel with the present retreat. Meanwhile, some consolidations could be seen beneath the 132.36 temporary high. But further range trading is anticipated for as long as 131.00 resistance turned support level holds intact.

On the upside, above 132.36 level may restart the bullish trend from 128.29 to 130.68 to 129.56 from 130.20 at 132.50 next level. EURJPY has also moved above the moving average of 5 and 13 while the 4 hour RSI hovers above its neutral line. The pair may resume the upward trend to the 132.50 level.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.