EUR/JPY Could Rally Further
EUR/JPY is rising and might rally further if it clears the 144.20 resistance zone.
Important Takeaways for EUR/JPY
· EUR/JPY started a steady increase after it found support near the 141.50.
· There is a major rising channel forming with support near 143.50 on the hourly chart.
EUR/JPY Technical Analysis
The Euro formed a base above the 141.50 support zone against the Japanese Yen. The EUR/JPY pair started a decent increase above the 142.00 and 142.50 resistance levels.
There was a clear move above the 143.20 level and the 50 hourly simple moving average. The pair traded as high as 144.15 before there was a minor decline. A low is formed near 143.49 and the pair is now rising.
EUR/JPY Hourly Chart
An immediate resistance on the upside is near the 143.80 level. It is near the 50% Fib retracement level of the recent decline from the 144.15 swing high to 143.49 low.
The next major resistance could be near the 144.00 level. If there is an upside break above the 144.00 resistance, the pair could test the 144.50 resistance. Any more gains might send the pair towards the 145.00 level.
On the downside, the pair might find support near the 143.50 level. There is also a major rising channel forming with support near 143.50 on the hourly chart. The next major support is near 143.20. Any more losses could lead the pair towards the 142.50 support level 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 the 141.50.
· There is a major rising channel forming with support near 143.50 on the hourly chart.
EUR/JPY Technical Analysis
The Euro formed a base above the 141.50 support zone against the Japanese Yen. The EUR/JPY pair started a decent increase above the 142.00 and 142.50 resistance levels.
There was a clear move above the 143.20 level and the 50 hourly simple moving average. The pair traded as high as 144.15 before there was a minor decline. A low is formed near 143.49 and the pair is now rising.
EUR/JPY Hourly Chart
An immediate resistance on the upside is near the 143.80 level. It is near the 50% Fib retracement level of the recent decline from the 144.15 swing high to 143.49 low.
The next major resistance could be near the 144.00 level. If there is an upside break above the 144.00 resistance, the pair could test the 144.50 resistance. Any more gains might send the pair towards the 145.00 level.
On the downside, the pair might find support near the 143.50 level. There is also a major rising channel forming with support near 143.50 on the hourly chart. The next major support is near 143.20. Any more losses could lead the pair towards the 142.50 support level 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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