FX.co ★ EUR/JPY Could Start Increasing Again!

EUR/JPY decreased from around 129.90 level after failing to reach the 130.00 psychological level. The most recent decline could be considered to be a natural one after a significant increase.

The upside bias remains intact as long as the pair is trading above the uptrend line. 128.23 (former high) is seen as static support (resistance has turned into support after a breakout). The price tends to grow from support.

Only dropping below 128.23 signals a further drop towards the uptrend line. Technically, increasing above 128.84 former high, peak high, could signal further growth.

Trading Conclusion!

Breaking above 128.84 and reaching 129.00 again represents a buying opportunity with a first upside target at 129.50. The 129.90 and 130.00 could be used as targets as well if EUR/JPY continues to increase.