The Analytical Tools on the EURJPY Are Overstretched and Suggesting a Bullish Bias in the near Term

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EURJPY Price Analysis – July 5
EURJPY has been consolidating sideways early in the trading session, as for the near future, it is likely that the euro zone single currency could continue to trade south during the following trading sessions.



Key Levels

Resistance Level: 127.95, 126.30, 124.03
Support Level: 122.29, 121.60, 121.02


EURJPY Long term Trend: Ranging

In the bigger picture, the downtrend from the level at 127.95 is still in progress with the crossing of the moving average staying inside the long term falling channel.
On the upside break of the level at 126.30 resistance zone, it is needed to be the first sign of a medium-term reversal, otherwise, the trend will remain bearish in case of a strong rebound.


EURJPY Short term Trend: Ranging
The moving average as seen on the 4-hour time frame has provided support for the exchange rate on the level at 121.69.
However, a support cluster formed by the combination of the time frames on the level at 121.02 could provide support for the EURJPY within this session.



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