- EUR / JPY updates its highest level in a week during the four-day uptrend.
- The bullish MACD favors further rallies towards the key short-term resistance line.
EUR / JPY takes bids to update its one-week high around 129.52, gaining 0.13% in the European session on Thursday.
The currency pair is up for the second day in a row after crossing a month-old resistance line, and now has support around 128.55.
Given the bullish signals from the MACD and a sustained breakout of the key resistance line, the EUR / JPY bulls are heading towards another major resistance, a trend line sloping down from October 20 near 129.65.
The levels comprising the 100 and 200 DMAs, respectively around 129.80 and 130.55, also act as upward filters.
Meanwhile, retracement moves remain less important until they hold past the resistance-turned-support line near 128.55.
After that, multiple supports around 127.50 and the monthly low near 127.35-40, also the lowest since February, will be in focus.
EUR / JPY: Daily chart
Trend: Higher rises expected
Technical Levels
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