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EUR/JPY Bulls Prevails Over Bears As $130 Level Could Be Reached

Published on

August 24, 2021

EUR/JPY Price Analysis – August 24

In case the bulls increase their pressure, the resistance level of $129 may be broken up and the bullish momentum may extend to the $130 price level.

EUR/JPY Long-term Trend: Bearish (Daily Chart)

Key levels:
Resistance Levels: $130.5, $131.0, $131.5
Support Levels: $128.0, $127.5, $127.0

On the long-term outlook, EUR/JPY is bearish and it has been following the downward movement since June 1. However, should the bulls push up the pair and break up the $129 level with the bullish candle close above the 9-day moving average, then the price could target the $129.5 level. Meanwhile, in case the bears continue to defend the resistance level of $128.8, the price may return to the $128.5 level.

EUR/JPY Price Analysis: EUR/JPY Not Yet Ready for The Upside

EUR/JPY is currently trading at $128.9 after touching the daily high of $129 and there is a tendency that the bullish movement may continue after this pullback because the week may close with a strong bullish candle. At the time of writing, EUR/JPY is trying to penetrate and cross above the upper boundary of the channel as it is already trading above the 9-day MA which suggests an increase in the bullish movement.

Nevertheless, the technical indicator shows that the Relative Strength Index (14) is seen moving above 40-level with the signal line pointing up to indicates a buy signal. In case the daily bullish candle closes above the upper boundary of the channel, then the bullish movement may continue towards the potential resistance levels at $130.5, $131.0, and $131.5.

In addition, any further bearish movement below the 9-day moving average could expose the currency pair towards the lower boundary of the channel. However, there is a high possibility that the market price may cross below this MA and locate the critical supports at $128.0, $127.5, and $127.0.

EUR/JPY Medium-term Trend: Bearish (4H Chart)

EUR/JPY is Bearish on the short-term outlook. There has been a bullish breakout towards the upper trend line of the descending channel. The price increased further towards the resistance level of $130 but it may likely retest the dynamic support level of $128.5 and below if it crosses below the 21-day moving average.

On the contrary, as the technical indicator Relative Strength Index (14) is facing the north, the signal line may likely cross above 60-level and the resistance level of $129.5 and above may be located.

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : August 24, 2021

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