As we discussed in our last analysis, EURJPY was not expected more downward movement and it was predicted to have a bounce from immediate support zone, This is what happened in EURJPY last week movement, the price bounces from the support level.
We will look for further upside movement and targets in our today analysis.
Please go through the weekly and daily EURJPY technical analysis written below.
Weekly Technical EURJPY Analysis
The weekly candle closing was spinning top and indicating the earliest signal of the bullish rally. The minimum EURJPY target could be 130.50 and may hit in coming weekly session.
However, the volume is still not in a favor of bearish move but we are expecting a bearish move after hitting the bullish target 130.50.
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Please have a look at the weekly technical chart for EURJPY
We will look for daily time frame technical analysis to see the close overview of possible next movement.
Daily Time Frame EURJPY Technical Analysis
EURJPY is moving in lower low and higher low direction in a daily time frame chart. Bouncing from the support previous week indicating a small correction but it is still expected the price could fall again and make a new lower low as per the trend.
The minimum correction target is 130.50 and we will look for the reversal signal from this price range.
The longer-term target for EURJPY is 123.00 which may b the extreme resistance and trend can be changed from that area.
Please have a look at daily time frame technical chart below, I have drawn a possible next movement diagram with bearish and bullish target levels.
Daily Time Frame EURJPY Technical Chart
EUR JPY SUPPORT & RESISTANCE LEVELS
Support 1: 125.00
Support 2 : 123.00
Resistance 1: 130.50
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