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.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 129.38

Daily HIgh: 129.46

Daily Low: 129.21

Trend: Bullish above 129.70 (channel resistance)

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)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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