ByLCMS Traders FX Analysis Team
MAY 11, 2021
EUR/JPY uptrend is gaining further strength as the bulls gradually move towards the 132.50 mark. The intraday support levels are at 132.15 and 131.77. The near-term resistance areas are at 132.55 and 132.84
The pair has been on the Bull Run for nearly two weeks and it appears to be gaining further strength. On intraday charts, the pair s above the moving averages. The SMA-14 is at 125.26 and the SMA-50 is at 126.00. The RSI IS at 65 and still away from an absolute overbought zone. The MACD is above the zero line and indicating another bullish crossover. Considering the intraday price pattern, the pair is good to buy near 132.15 with a target of 50 to 60 pips and a stop-loss at 1321.90
An intraday closing above 132.50 would help bulls cross above the 133.00 mark in the coming days. On the downside, bears require a sustained price action below 131.00 to get back into the game.
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