EUR/JPY Price Analysis: Bullish, still unable to run above 127.00
- EUR/JPY is retreating after hitting on Tuesday at 127.22, the highest level since February 2019.
- Outlook favors more gains for the euro that needs to hold above 127.00.
The EUR/JPY pair is pulling back from the highest levels since 2019 and after being unable to hold above 127.00. The correction found support at 126.45 and rebounded, rising above 126.90.
The technical outlook points to the upside. The euro needs to break and hold above 127.00 to clear the way to more gains, probably targeting the 2019 high at the 127.50 zone.
A retreat below 126.50 would ease the bullish pressure, while a close under 126.00 should be followed by a sharper correction with EUR/JPY under key short-term moving averages. The next strong support stands at 124.85/125.00, followed by an uptrend line from July, today at 122.80.
EUR/JPY daily chart
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.