EUR/JPY Technical Analysis: Euro bulls gathering strength to break above 128.62

After a steep 185-pip decline on Monday EUR/JPY has almost recouped all of its weekly losses by Friday.
EUR/JPY is evolving in a bull channel and the last hurdle to higher prices is the current week’s high at 128.62. A bull breakout above the level can potentially open the gates to the 129.50 figure and supply level.

Flavio Tosti Independent Analyst

EUR/JPY 15-minute chart

Spot rate: 128.23
Relative change: 0.45%
High: 128.62
Low: 127.50

Trend: Bullish

Resistance 1: 128.62 current week’s high
Resistance 2: 129.50 figure/supply level
Resistance 3: 130.32 June’s high

Support 1: 127.52 June 22 low
Support 2: 126.99 June 21 low
Support 3: 126.64 June 19 low

Author

Flavio Tosti

Independent Analyst

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