EUR/JPY Will Record Latest Highest Level After 2018? - Kakiforex.com - Financial Market Media No. 1 in the World EUR/JPY Will Record Latest Highest Level After 2018? EUR/JPY Will Record Latest Highest Level After 2018?
InstaForex

May 26, 2021

EUR/JPY Will Record Latest Highest Level After 2018?

 Market sentiment is recovering with the US stock market rising while the US dollar depreciated after reacting to comments by Federal Reserve (Fed) member Lael Brainard who was seen supporting loose policy.


The Japanese yen as a safe-haven currency also moved weakly in a recovering or positive market situation.


While other major currencies regained the advantage to trade upwards as the US dollar weakened and was less stressed.


Like the price movement on the EUR/JPY currency pair chart, the Euro currency slightly strengthened and raised prices higher again in the European session yesterday after moving flat in the previous Asian session against the Yen.


The horizontal movement of the price above the 132.500 level in the RBS (resistance become support) zone has surged past the Moving Average 50 (MA50) barrier in the 1 -hour time frame to give a signal for the price to continue the uptrend.


Continuing on Tuesday's trading, the price flattened in the Asian session and tested the daily highs reached yesterday around 133.00.



Expectations of a continued rise will test the 133.400 resistance level that was reached last week. That level is the highest price reached since April 2018.


But investors are wary of a falling price situation on the EUR/JPY chart after the price started to flatten after the bullish trend of the price for the previous few weeks.


For a bearish situation, the RBS 132.500 zone will be tested and a decline below that zone will strengthen the expectation for the bearish trend of the price to begin.


A lower decline can be expected to go to the price support zone around 131.700 or support 131.00 for the next decline.