EUR/JPY Analisis

[Dmitriy Enrst]

The bulls have some strange optimism, and as a result EURUSD has a slow, but stable growth. On Friday it has tested 136.00 level. Some down rollbacks are limited, so it can go to 136.80. However, the lack of progress in negotiations with the European creditors of Greece can return bulls to the market.

 

[Dmitriy Enrst]

After the second round of talks with Greece, the pair fell to the 133.88 level. Now the bulls will try to recover pair to the previous High. The first target is 136.65

 

[Dmitriy Enrst]

A pair had almost reached the expected level of 135.00, the price stood at around 135.70, held near the target level of 135.50, as well as the lower limit of the downward channel, so here some upward correction can start, presumably to 135,00

 

[Dmitriy Enrst]

At the moment the EUR/JPY is trading at the level 138.47 at the upper boundary . The indicators are in the overbought zone, telling us that the pair needs to be corrected and it should be considered the possibility of selling to the support levels 137,76 and 137,16, but if the pair is fixed above the channel, it will be possible to buy it. The resistance levels today - 138,74 and 139,34.

 

[Dmitriy Enrst]

We can see that at the moment the pair is being traded at the upper border of the rising channel and the resistance level 134.75. If the pair passes these barriers, it is possible to buy it for 135.29 resistance level. If the pair rebounds, and by the way indicators hint at such scenario, you should consider selling to support levels 133.85 and 133.31. And at the bottom of the channel you may look for an entry point in purchases.

 

[Dmitriy Enrst]

The pair went back to 136.00 resistance level and I expect it to break through this level and exit to the new level of resistance 136.95 and in case of breaking it, possible beginning of a new upward trend. Support level for this growth is 134.85, as long as this level is held, growth scenario remains in force, if no, growth will be cancelled.