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.

Matías Salord FXStreet

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

EUR/JPY

Overview
Today last price	129.29
Today Daily Change	-0.06
Today Daily Change %	-0.05
Today daily open	129.35

Trends
Daily SMA20	128.3
Daily SMA50	130.06
Daily SMA100	129.78
Daily SMA200	130.5

Levels
Previous Daily High	129.5
Previous Daily Low	128.57
Previous Weekly High	129.64
Previous Weekly Low	127.81
Previous Monthly High	132.56
Previous Monthly Low	127.49
Daily Fibonacci 38.2%	129.14
Daily Fibonacci 61.8%	128.92
Daily Pivot Point S1	128.78
Daily Pivot Point S2	128.2
Daily Pivot Point S3	127.84
Daily Pivot Point R1	129.71
Daily Pivot Point R2	130.07
Daily Pivot Point R3	130.65

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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