EURJPY Analysis: Sets to breached significant resistance
|EURJPY
The Eurozone single currency has been moving gradually up against the Japanese Yen for the fourth consecutive trading session. The price movement was supported by the combined effort of the 55– and 100-hour SMAs.
Given that the aforementioned support cluster set by the SMAs was providing support for the exchange rate at 129.56, bulls might gather enough momentum to breached a significant resistance level formed by the weekly pivot point near the 1300.27 mark.
Everything being equal, the EUR/JPY currency exchange rate could continue moving upwards until it encounters a new resistance level at 131.38 which is the monthly PP.
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