FX.co ★ Intraday analysis on EURJPY

EURJPY is now trading at 129.34. Price is above the recent low of 128.75 and as long as price is above this low, we remain optimistic for a move higher. The RSI is challenging its support trend line.

Red lines - bullish channel

EURJPY is challenging the bullish channel. The RSI provided us with a bullish divergence but the upward sloping blue line also works as a support trend line for the RSI. At current levels the risk return ratio favors bullish positions. At current levels I prefer to be bullish as I believe the chances for an upward reversal are high. Price has resistance at 130.35. I believe price has many chances of an upward reversal and a break above 130.35. The risk for bulls is for price to break below 128.75.