EUR/JPY Price Analysis: Euro remains strong, looking at 129.50 and above
|- EUR/JPY breaking range, looks to test 129.50 and 129.70/80.
- Slide back under 129.00 should alleviate the bullish pressure.
The EUR/JPY is rising for the fourth consecutive day on Thursday and is testing the 129.50 area. Technical indicators still point to the upside, favoring more gains ahead. Still, the euro needs to break and hold above 129.50 in order to open the doors to more gains.
On the upside, the next resistance stands at 129.70/80 (100-day simple moving average) followed by 130.10. The 20-day moving average is turning to the upside, supporting the euro.
The strong bullish tone will ease if EUR/JPY drops under 129.00 in the short term. The next support stands at 128.50, followed by 128.30 (20-day SMA). A slide below should negate the positive tone, exposing the next support at 127.85.
The rebound from 127.50 continues and is becoming a potential double bottom that could anticipate strength ahead. With the neckline at 129.00, the target of the pattern is 130.50.
EUR/JPY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.