EUR/JPY Eyes More Upsides
EUR/JPY is rising and might rally further if it clears the 145.40 resistance zone.
Important Takeaways for EUR/JPY
EUR/JPY started a steady increase after it found support near 142.50.
There is a major bullish trend line forming with support near 144.20 on the hourly chart.
EUR/JPY Technical Analysis
On the hourly chart of EUR/JPY, the Euro formed a base above the 142.50 support zone against the Japanese Yen. The EUR/JPY pair started a decent increase above the 142.80 and 143.00 resistance levels.
The bulls were able to push the pair above the 50% Fib retracement level of the downward move from the 145.42 swing high to the 142.54 low. It is now consolidating above the 144.00 level and above the 50-hour simple moving average.
Immediate resistance on the upside is near the 76.4% Fib retracement level of the downward move from the 145.42 swing high to the 142.54 low at 144.75.
The next major resistance could be near the 145.40 level. If there is an upside break above 145.40, the pair could test 146.00. Any more gains might send the pair toward the 146.80 level.
On the downside, the pair might find support near the 144.20 level. Besides, there is a major bullish trendline forming with support near 144.20.
The next major support is near 143.60, below which there is a risk of a larger decline. In the stated case, EUR/JPY might decline toward the 143.00 level. Any more losses could lead the pair toward 142.50 in the near term.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for EUR/JPY
EUR/JPY started a steady increase after it found support near 142.50.
There is a major bullish trend line forming with support near 144.20 on the hourly chart.
EUR/JPY Technical Analysis
On the hourly chart of EUR/JPY, the Euro formed a base above the 142.50 support zone against the Japanese Yen. The EUR/JPY pair started a decent increase above the 142.80 and 143.00 resistance levels.
The bulls were able to push the pair above the 50% Fib retracement level of the downward move from the 145.42 swing high to the 142.54 low. It is now consolidating above the 144.00 level and above the 50-hour simple moving average.
Immediate resistance on the upside is near the 76.4% Fib retracement level of the downward move from the 145.42 swing high to the 142.54 low at 144.75.
The next major resistance could be near the 145.40 level. If there is an upside break above 145.40, the pair could test 146.00. Any more gains might send the pair toward the 146.80 level.
On the downside, the pair might find support near the 144.20 level. Besides, there is a major bullish trendline forming with support near 144.20.
The next major support is near 143.60, below which there is a risk of a larger decline. In the stated case, EUR/JPY might decline toward the 143.00 level. Any more losses could lead the pair toward 142.50 in the near term.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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