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The EURJPY operates on the 8th consecutive day on the rise.


Price is trading at its highest since June 17th

EURJPY is up for the eighth day in a row. In the upward movement, the price last week extended above its 200-day moving average (currently at 129.91) and 100-day moving average (currently at 130.433). There has been little correction since the breaks.

The price is currently up around 19 pips to 132.69. The highest price reached 132.78. On the way up, price moved into a swing zone for the second day in a row on the daily chart below between 132.469 and 132.88. A move above this area would push the price in the year high end to the late May / early June high at 134.117.

Drilling towards the hourly chart, correcting from Friday’s high, to the low reached in today’s Asian session, failed to reach the 38.2% retracement from the last high major fix low near 130.74. This retracement comes in at 131.993 (call it 132.00). Today’s low reached 132.141 before turning higher.

If sellers want to gain control, going below the 38.2% to 50% retracement of the last uptrend leg is a required technical move. Also going below the 100 hour moving average currently at 131.84 (see the blue line in the chart below) is another minimum requirement if sellers are to remove some control from buyers.

The EURJPY operates on the 8th consecutive day on the rise.
For now, the pair has survived the downward correction movement in today’s Asian session, and buyers continue to remain in full control. Breaking past last week’s high and the 132.88 level are the next bullish targets to reach and break through.
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