- EUR / JPY breaking range, target at 130.50 / 60.
- The euro is trading above the key moving averages, strong bullish tone.
The EUR/JPY it is rising again after a brief pause and retracement on Tuesday. Recently, the cross reached new monthly highs at 130.37 and remains with a solid bullish bias, returning above the key daily moving averages (20, 55 and 100).
A double bottom pattern, with lows at 127.50 and a neckline at 129.10, is targeting around 130.60, close to horizontal resistance. The 130.50 / 60 zone is set as a barrier for the euro, which if broken could clear the way for 131.00.
A dip below 130.00 would ease the bullish pressure, while a dip below 129.60 should point to an extension at 129.20. If the euro falls below 129.00, it would weaken significantly, showing difficulties in extending the recovery.
Daily chart
Technical levels
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