EURJPY Technical Analysis Report 12 August, 2024
In today’s analysis of the EURJPY pair, we will be looking at the technical indicators to provide insights into potential price movements.
The EURJPY pair has been trading within a narrow range over the past few days, with support seen around the 129.50 level and resistance at 130.00. The pair is currently trading around the 129.80 level, showing signs of consolidation.
The 50-day moving average is currently above the 200-day moving average, indicating a bullish trend in the medium term. However, the RSI indicator is showing signs of overbought conditions, suggesting that a pullback may be on the horizon.
In the short term, traders should keep an eye on the 130.00 resistance level. A break above this level could signal a continuation of the bullish trend, with the next resistance seen at 130.50. On the other hand, a break below the 129.50 support level could lead to a retest of the 129.00 level.
Overall, the technical indicators are suggesting a mixed outlook for the EURJPY pair. Traders are advised to closely monitor key support and resistance levels for potential trading opportunities.