EURJPY Sustains Near Term Bias Towards 131.00 on Expected EU Data

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EURJPY Price Analysis – July 30

During the early European trading hours on Friday, the EURJPY surged somewhat. The pair has continued to rise from July 20 lows and is now on track to reach the 130.50 level. Although the Euro’s advances are constrained by the ECB’s outlook and anticipated mixed economic data.

Key Levels
Resistance Levels: 132.70, 132.00, 131.00
Support Levels: 129.61, 128.58, 127.50
EURJPY Long term Trend: Ranging
The EURJPY is steadily sustaining the trend to reach 131.01 level, the pair is maintaining its northward surge. It is currently trading at a high of 130.32, up 0.08 percent with more room for the upside, and a break above the 130.50 resistance zone will take it to 131.00, a near-term barrier.

Initial support, on the other hand, is at 130.00, followed by 125.00 (the November 30 low) and lastly 129.61. In the meantime, the rise from 121.63 is considered as a medium-term phase of growth inside a long-term consolidation trend. As long as the support level of 127.50 remains unchanged, a steady gain is likely.
EURJPY Short term Trend: Ranging
For the time being, the intraday slope of EURJPY remains horizontal as it fluctuates from the temporary low of 128.58. On the contrary, even if there is a bigger comeback, a steeper decline may continue in support as long as the 131.00 resistance level holds.

A breach of the temporary low of 130.00, which is close to the important support level of 129.61, might resume the decline from 131.00 to a pullback from 128.59 to 129.61. However, the exchange rate may be supported in the short run by the lower boundary of the uptrend line.

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