EUR/JPY: Euro breaks above 128.930; A major resistance price point

Denis Joeli Fatiaki Independent Analyst

EUR/JPY: Euro breaks above 128.930; A major resistance price point

What is going on now with EUR/JPY?

EUR/JPY: The Euro has crossed the border of the previous inverted head and shoulder pattern at 128.930 but needs to break and remain above 129.050 to continue to the upside. The next major resistance point is estimated at 129.475. The pair could head down to its previous support at 128.745 if it fails to hold at 128.930.

Support/short - 128.745, 128.480, 128.295

Resistance/Long - 129.050, 129.250, 129.475

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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

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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