EURJPY is trading between the range of 124.00 and 130.50 from a couple of weeks. The pair of Doji candles in the weekly chart indicating confusion between bulls and bears.
Our thoughts are still the same as per our previous analysis; I am sharing weekly and daily technical analysis below to give my view about possible next movement.
Weekly EURJPY Technical Analysis Forecast
EURJPY trading is trading in a small range from many days and almost closes at the same price for a couple of weeks. This indicating a sideways market and it could be the signal of confusion between buyers and sellers. The pair is also forming a symmetric triangle in a big overview and price could bounce from the support towards resistance level mentioned in the chart below.
The support is at 124.00 and the bounce is expected from the support towards symmetric resistance level which is at 134.00 in a weekly chart.
Please have a look at weekly EURJPY technical chart below; I have mentioned possible next target levels.
Weekly Technical EURJPY Chart
Daily EURJPY Technical Analysis Forecast
The EURJPY is trading in higher low and lower low direction since few days and price is facing a support level around 124.00 as per the daily and weekly chart. Current market price is 128.21 and it could move lower towards 124.00 to touch its extreme support.
The bounce is expecting from the support towards minimum 132.00 and 134.00 in case of extension.
We will look for bullish entry from the better price around 124.00.
Please have a look at the EURJPY daily technical chart below, I have mentioned the possible movement levels.
EURJPY Daily Technical Chart
EUR JPY SUPPORT & RESISTANCE LEVELS
Support 1: 124.00
Resistance 1: 132.00
Resistance 2 : 134.00
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.