ByLCMS Traders FX Analysis Team
APR 26, 2021
EUR/JPY is once again trading above the 130.00 mark and pointing higher. However, bulls have failed several times before to breach above the 130.60 resistance area which is still the biggest hurdle. The intraday support levels are at 130.00 and 129.66.
The intraday charts are currently presenting a mixed outlook. The SMA-14 is indicating resistance at 130.20 while the SMA-50 is showing a support area at 129.43. The current price is at the mid-Bollinger band while the upper and lower bands are at 130.66 and 129.611 respectively. The RSI is at 56 and appears flat. Following the nearby resistance areas and the intraday price charts, the pair would be reasonable to sell for small profits. A decent selling entry would be at or near 130.50 with a target of 50 to 60 pips and a stop-loss at 130.85.
An intraday closing above 130.60 is needed for the bulls to continue their hold and take the pair further higher. On the downside, an intraday closing below 130.00 would be supportive of the bears help them challenge the 129.20 mark during this week.
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