- EUR/JPY has breached the two-week-long falling trendline, but the 50-hour moving average (MA) is capping gains.
- A convincing move above the moving average hurdle of 129.50 would validate the upside break of the falling trendline and confirm a bullish reversal. In this case, the EUR/JPY could move above 130.00 (psychological level).
Spot Rate: 129.48
Daily High: 129.54
Daily Low: 129.27
Trend: Bullish above 50-day MA
R1: 129.65 (Uptrend from May 29 low)
R2: 130.00 (psychological hurdle)
130.26 (20-day moving average)
S1: 129.27 (session low)
S2: 128.52 (lower Bollinger Band - standard deviation of +2, -2 on the 20-day moving average)
S3: 128.35 (50% Fib R of the rally from the May 29 low to July 17 high)
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