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- EUR/JPY Price Analysis: Euro strengthens, next resistance at 130.50/60
EUR/JPY Price Analysis: Euro strengthens, next resistance at 130.50/60
- EUR/JPY breaking range, targets 130.50/60.
- Euro above key moving averages, strong bullish tone.
The EUR/JPY is rising again after a brief pause and pullback on Tuesday. Recently the cross hit fresh monthly highs at 130.37 and it remains with a solid bullish bias, back above key daily moving averages (20, 55 and 100).
A double bottom pattern, with lows at 127.50 and a neckline at 129.10, has a target around 130.60, near a horizontal resistance. The area around 130.50/60 is set to be a barrier for the euro, that if broken, could clear the way for 131.00.
A decline under 130.00 would alleviate the bullish pressure, while a decline below 129.60 should point for an extension to 129.20. If the euro drops below 129.00, it would weaken significantly, showing difficulties in extending the recovery.
EUR/JPY daily chart
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