- The EUR / JPY breaks the range, it seems to test 129.50 and 129.70 / 80.
- A pullback below 129.00 should ease the bullish pressure.
The EUR/JPY it is rising for the fourth day in a row on Thursday and is testing the 129.50 zone. Technical indicators still point to the upside, favoring more gains in the future. Still, the euro needs to break down and stay above 129.50 to open the doors for more gains.
On the upside, the next resistance is at 129.70 / 80 (100-day simple moving average) followed by 130.10. The 20-day moving average is turning higher, supporting the euro.
The strong bullish tone will ease if the EUR / JPY falls below 129.00 in the short term. Next support sits at 128.50, followed by 128.30 (20-day SMA). A slide below should cancel out the positive tone, exposing the next support at 127.85.
The bounce from 127.50 continues and is turning into a potential double bottom that could anticipate strength in the future. With the neckline at 129.00, the pattern’s target is 130.50.
Daily chart
Technical levels
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