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EUR/JPY May Follow Bullish Movement After the Retracement

Published on

October 26, 2021

EUR/JPY Price Analysis – October 26

There is a tendency that the bullish movement may continue after the pullback because the coin may close with a strong bullish candle.

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

Key levels:
Resistance Levels: $134.0, $134.5, $135.0
Support Levels: $130.5, $130.0, $129.5

On the long-term outlook, EUR/JPY is bullish and it has been following the upward movement for the past few weeks. However, should the bulls push up the pair and break above the 9-day moving average with the bullish candle moving towards the upper boundary of the channel, then the market price could target the $133.0 level. Meanwhile, in case the bears continue to defend the resistance level of $133, the price may return to the $131.5 level.

EUR/JPY Price Analysis: Would EUR/JPY Climb to the Upside?

EUR/JPY is currently trading at $132.4 after touching the daily high of $132.6 and there is a tendency that the bullish movement may play out which may close the trade with a strong bullish candle. However, the currency pair is making an attempt to penetrate the upper boundary of the channel and it is likely to trade above the 9-day moving average which connotes an increase in the bullish momentum.

Meanwhile, the technical indicator Relative Strength Index (14) is seen moving towards the north with the signal line pointing up to indicate an upward movement. However, in case the daily bullish candle closes above the upper boundary of the channel, the bullish movement may continue towards the potential resistance levels at $134.0, $134.5, and $135.0.

Moreover, any bearish movement below the 9-day and 21-day moving averages may expose the currency pair towards the lower boundary of the channel and there is a high possibility that the market price may locate the critical supports at $130.5, $130.0, and $129.5.

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

EUR/JPY range-bounds on the short-term outlook and there has been a bearish breakdown below the 9-day and 21-day moving averages. The price is likely to decrease further towards the lower boundary of the channel while the bullish momentum may break up the level and could be interrupted by the bears. However, the price may likely retest the support level of $131.5 and below as the technical indicator Relative Strength Index (14) may follow the sideways movement while the resistance level could be located at $133.5 and above.

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 : October 26, 2021

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