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EUR/JPY Price Can Go Higher Above $130 Level

Published on

September 28, 2021

EUR/JPY Price Analysis – September 28

There is a tendency that the bullish movement may continue to hold after the pullback because the currency pair may close with a strong bullish candle.

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

Key levels:
Resistance Levels: $131.5, $132.0, $132.5
Support Levels: $129.0, $128.5, $128.0

On the long-term outlook, EUR/JPY is bullish and it has been following the upward movement since September 22. However, should the bulls push up the currency pair and break above the $130.5 level with the bullish candle close above the upper boundary of the channel, then the price could target the $131.0 level. Meanwhile, in case the bears drag the market price below the 21-day moving average, EUR/JPY may return to the support level of $128.0 level.

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

EUR/JPY is currently trading at $130.3 as the currency pair moves to cross above the upper boundary of the channel.  However, there is a tendency that the bullish movement may continue to hold after the pullback because the currency pair may close with a strong bullish candle.  However, EUR/JPY is making an attempt to penetrate the upper boundary of the channel and it is trading above the 9-day and 21-day moving averages which connote an increase in the bullish momentum.

Meanwhile, the technical indicator Relative Strength Index (14) is seen moving to cross above 60-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 reach the potential resistance levels at $131.5, $132.0, and $132.5.

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. Therefore, there is a high possibility that the market price may cross below this barrier to locate the critical supports at $129.0, $128.5, and $128.0.

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

EUR/JPY is Bullish on the short-term outlook. There has been a bullish breakout towards the upper boundary of the channel. Therefore, the currency pair increases further towards the resistance level of $130.5. More so, the bullish momentum breaks up the level and keep the pair above the 9-day and 21-day moving averages. Meanwhile, the price may likely hit the potential resistance level of $131.0 and above as the technical indicator Relative Strength Index (14) moves to cross into the overbought region while the support levels are located at $129.8 and below.

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 : September 28, 2021

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