EUR/JPY Price Analysis: On the way to two-month-old resistance near 129.50
- EUR/JPY refreshes the highest level in a week during four-day uptrend.
- Bullish MACD favors further upside towards short-term key resistance line.
- 100-DMA adds to the upside filters, previous resistance from November stops seller’s entry.
EUR/JPY takes the bids to refresh weekly top around 129.52, up 0.13% intraday ahead of Thursday’s European session.
The cross-currency pair rises for the second consecutive day after crossing a one-month-old resistance line, now support around 128.55.
Given the bullish MACD signals and a sustained break of the key resistance line, EUR/JPY bulls are heading towards another important hurdle, a downward sloping trend line from October 20, near 129.65.
Also acting as upside filters are the levels comprising 100-DMA and 200-DMA, respectively around 129.80 and 130.55.
Meanwhile, pullback moves remain less important until staying beyond the resistance-turned-support line, near 128.55.
Following that, multiple supports around 127.50 and the monthly low near 127.35-40, also the lowest since February, will be in focus.
EUR/JPY: Daily chart
Trend: Further upside expected