Denis Joeli Fatiaki
Independent Analyst
EUR/JPY: Euro advanced to its 500 EMA in the 60 minutes price chart
What is going on now with EUR/JPY?
EUR/JPY: The Euro broke through 128.370 in the 60 minutes price chart as highlighted in Fridays update and took out two of the estimated targets at 128.530 and 128.660 before pulling back towards the end of Friday's session.
Our forecast
EUR/JPY: The Euro reached its 500 EMA at 128.660 at the end of Friday's session but failed to continue and pulled back and closed the trading session at 128.190. The Euro held on above 128.295 in the 60 minutes price chart during today's opening session and advanced to the upside. The pair took out two long targets at 128.370 and 128.530 before proceeding to its 500 EMA at 128.605. The Euro needs to remain above 128.530 to continue to the upside. The pair could retreat to 128.370 and 128.295 if it fails at 128.530 support.
Support/short -128.530, 128.370, 128.295, and128.160
Resistance/Long -128.660, 128.770, and 128.945
Chart 1: The short-term view of the EUR/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the EUR/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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