Technical Analysis for EUR/JPY

Technical Analysis for EUR/JPY

The bullish key support managed to push the EUR/JPY above Linear Regression Indicator 34, favoring potential extension of positivity. We are betting on an intraday uptrend amid low Risk/Reward Ratio. In order for positivity to come at hand, the pair must reside above 124.70 otherwise, breaking 124.08 would thwart chances of positivity.

The trading range expected today is between the key support at 122.15 and the key resistance at 127.35

The short-term trend is upside targeting 128.75 if 109.45 remains intact at weekly closing

Support: 125.00, 124.85, 124.65, 124.05, 123.50
Resistance: 125.30, 125.70, 126.00, 126.80, 127.35

Recommendation Based on the above graph and explanation, we recommend buying the pair above 125.00 targeting 125.70, 126.00 and 126.80 and stop-loss with four-hour closing below 124.05