ByLCMS Traders FX Analysis Team
APR 28, 2021
EUR/JPY is trading almost unchanged at 131.50 ahead of the European session. The pair gained nearly 100 pips on Tuesday to close above the long-standing resistance area of 130.60. The intraday support levels are at 131.20 and 130.78. The near-term resistance areas are at 131.68 and 132.00.
On the intraday chart, the pair is now strongly bullish especially after closing above the trend line resistance area. The RSI is at 68 and slightly away from an absolute overbought zone, the MACD is also above the zero line and favors the bulls. The SMA-14 is indicating support area at 130.40 and the SMA-50 support line is at 129.58. Following the intraday and 4-hourly charts, the pair is good to buy on dips. A decent buying would be at or near 131.20 with a target of 131.70 and a stop-loss at 130.90.
The bulls are in complete control at the moment and an intraday closing above 131.80 would further strengthen their position. On the downside, bears require a sustained price action below 130.70 to get back into the game.
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