EURJPY Upside Run Continues As Bulls Record Fresh Yearly Highs Around Mid 124.00 Level

EURJPY Price Analysis – June 5

For another session on Friday, EURJPY’s rally continues to keep its upside run unopposed, maintaining to sweep fresh yearly highs in the 124.40/45 region, though erasing a few gains afterward. The currency pair breached Friday morning’s level of 124.00. As for the near term, buyers of the spot price may keep driving the pair higher.

Key Levels
Resistance Levels: 127.52, 126.78, 125.23
Support Levels: 123.37, 122.87, 121.47

EURJPY long term Trend: Bullish
In the bigger context, the firm breach of resistance level 122.87 indicates that the entire downward trend from level 137.49 has been accomplished at level 114.85. The recent rally may well aim a retracement of 61.8 percent from 137.49 to 114.85 levels at the next level of 127.52.

A continuous shift there sets the stage for a level of 137.49 (high). For now, this may continue to be the dominant scenario, as long as the ascending trendline support now holds intact at 118.52 level.

EURJPY Short term Trend: Bullish
EURJPY’s rally is gaining momentum and thus far reaches as high as 124.43 level. The significant break of the resistance level of 122.87 implies a larger reversal of bullishness. Intraday bias for the next key level is nevertheless on the upside at 127.52 level.

On the contrary, support level break 121.47 level is required to signify short-term highs. Anyway, in the event of retreat, the trend may stay bullish.

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