EURJPY edges higher, likely to rise above 131.000

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The price of EURJPY edges higher as sellers fail to hold price below resistance level. Price went sideways at the 130.000 resistance level, and created an higher-high and higher-low sequence as price edges above the resistance level.

The first sign of a trend coming to an end is a sideway movement after price fail to extend beyond its recent low or high. This is the exact case on this pair. EURJPY price reached 128.808 two weeks ago when other currencies crashed against the Japanese Yen. Price has been edging higher ever since, and buyers gain more confidence as sellers' strength seems exhausted.

EURJPY is trading at 130.370 as at publishing time as price reacts from 130.000 mini-support on the 60-minute timeframe. The next major resistance level is at 131.000 if 130.400 resistance gets taken out by the present rally.

With stops below 130.000 and targets above 131.000, entries can be made once price breach above 130.400 resistance level and come back for a retest.

More updates will be posted as more information develops on this pair.

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