EURJPY Key Levels
Resistance: 132.000, 131.000
Support: 129.500, 128.500
EURJPY commonly known as Yuppy has been very bullish all through the year. It has continuously retraced to create support to push up to higher prices. It has bounced on the lower border of the ascending channel neatly and has propelled towards higher prices.
What to Expect From EURJPY
EURJPY is once again retracing like it has done multiple times to seek higher prices. It is currently resting on a resistance level at 131.000. The resistance level might just perform the role of a new support where price might just bounce upward to continue moving higher. It also could go below the resistance level to use the lower border of the ascending channel as a support.
The 9 MA (Moving Average) is currently switching sides to go above the bearish candles which shows EURJPY retracement on the daily chart.
On the daily chart, Stochastic has moved from an overbought region where the candles were at the upper border of the ascending channel on the 29th of April and have dropped to 62.21 as of the time of writing which also shows EURJPY retracement.
On the 4-hour chart, the moving average has completely switched sides from below the candles to the upper side showing the drop in price into a resistance level at 131.000
The Stochastic is already in the oversold region at 14.26 which shows it is very ready for a buy. As the ascending channel remains a potential support to push the price higher, the previous resistance level at 131.000 might just be sufficient support to propel EURJPY to the next resistance level at 132.000
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EURJPY Key Levels