EUR/JPY Price Analysis – June 22
The bulls break the $131 with an increase in the bulls’ momentum; the price is targeting the resistance level of $135.
EUR/JPY Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $134.0, $134.5, $135.0
Support Levels: $130.0, $129.5, $129.0
EURJPY is trading bullishly on the daily chart while the bullish momentum that broke up the former resistance level of $131 yesterday is increasing after the pullback. Meanwhile, the bulls are currently increasing their momentum and more strong bullish candles may emerge and move towards the 9-day and 21-day moving averages as the daily bullish candle may close above this barrier. However, as the daily bullish candle opens today, the market price is increasing towards the resistance level of $133.
EUR/JPY Price Analysis: Can EUR/JPY Maintain the Upside?
The bullish momentum has made it possible for the price to break above the channel’s lower boundary, indicating that the bulls have reclaimed the market. However, the currency pair breaks above the price level of $132 with an increase in the bulls’ momentum; therefore, the market price may be targeting the resistance level of $133.5. Nevertheless, a pullback is inevitable as the technical indicator (14) moves above the 45-level with the signal line pointing up, indicating a buy signal.
However, the bulls may break up the 9-day and 21-day moving averages provided their momentum increased and the price may be targeting the resistance levels of $134.0, $134.5, and $135.0. On the contrary, in case the resistance level of $132 is defended by the bears, then, the bullish trend may continue and the price could be aiming at the low of $130.0, $129.5, and $129.0 support levels.
EUR/JPY Medium-term Trend: Bearish (4H Chart)
EUR/JPY is bullish on the 4-hour chart. The currency pair has been following the upward trend since the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average a couple of days ago. However, the candle is massive and strong to break up the $132.3 price level and the price is heading towards the upper boundary of the channel.
Moreover, EUR/JPY maintains its trading above the 9-day and 21-day MAs in which the two are well spanned to indicate strong bullish momentum. The technical indicator Relative Strength Index (14) is above 55-level, indicating a buy signal that may increase the bullish movement.