EUR/JPY: Potential buying trade near trend’s bottom

The EUR/JPY is consolidating in a tight range as the economic calendar is lacking major events. The EUR/JPY is expected to extend the move up, although 130.250 emerges as a strong hurdle.

EUR/JPY – 240 Min Chart

The pair has formed a bullish channel which is extending a nice support near 129.500. Actually, it’s a bottom of the bullish channel and the pair is very likely to stay bullish above this level. Other technical indicators such as Moving Average and RSI are also supporting the bullish bias.

EUR/JPY – Key Technical Levels

Support Resistance
1.2951 1.3039
1.2925 1.3065
1.2881 1.3109
Key Trading Level: 1.2995