- EUR / JPY tries to break range, potential double bottom.
- It needs to turn back below 128.50 to remove the bullish bias.
- Key resistance awaits at 129.80 and then 130.10.
EUR / JPY is up for the third day in a row on Wednesday and is trying to break out of a lateral range that has been in place since early December. It is traded in Weekly Highs at 129.35, with a positive tone.
The daily RSI and the Momentum indicator are pointing higher, supporting a short-term bullish outlook that will be sustained as long as the EUR / JPY remains above 128.50. A dip below should negate the positive tone, exposing the next support at 127.85.
The 20-day moving average is turning flat, also supporting the euro. A consolidation around current levels should point to a test of the 129.70 / 80 area, the 100-day SMA. The next target appears at 130.10
The bounce that started three days ago from 127.50 is turning into a potential double bottom that could anticipate more gains in the future. With a neckline at 129.00, the target is at 130.50.
EUR / JPY Daily Chart
Technical Levels
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