EUR/JPY Technical Analysis: Bulls await an upside break of sideways channel
|- The EUR/JPY closed above the 50-day moving average (MA) on Thursday for the first time since May 2.
- So, the pair might see an upside break of the sideways channel, in which case the psychological hurdle of 130.00 could be put to test.
- The Bollinger Bands on the hourly charts have narrowed, so a big move could be in the offing.
Hourly chart
Spot Rate: 129.38
Daily HIgh: 129.46
Daily Low: 129.21
Trend: Bullish above 129.70 (channel resistance)
R1: 129.53 (upper Bollinger Band)
R2: 129.70 (channel hurdle)
R3: 130.00 (psychological hurdle)
Support
S1: 129.21 (lower Bollinger Band)
S2: 128.56 (channel support)
S3: 128.17 (38.2% Fib R of 124.62-130.36)
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