ByLCMS Traders FX Analysis Team
AUG 11, 2021
EUR/JPY Daily Forecast
EUR/JPY bulls have managed to stay above the 129.00 mark despite the selling pressure in the Euro. Currently, the pair is trading at 129.77 with 130.00 acting as a major resistance area. The intraday support levels are at 129.42 and 129.28.
On the intraday charts, the current price is trading near the SMA-14 resistance line (129.78) and bulls require to breach above this level to gain further ground. The SMA-50 resistance line is way high at 131.05. The current price is still below the mid-Bollinger band which is at 129.74. The RSI is at 45 and has an upwards curve. Following the intraday price pattern, a buy entry is recommended using the below-mentioned levels only if the pair manages to close above the 129.80 on the 4-hourly chart.
Direction: Buy
Entry: 129.85
Take Profit: 130.30
Stop-Loss: 129.35
On the flip side, if the pair fails to break above the SMA-14 a selling entry is ideal using the following levels
Direction: Sell
Entry: 129.60
Take Profit: 129.30 – 129.05
Stop-Loss: 130.10
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