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EUR/JPY testing 132.00 level

FXstreet.com (Barcelona) - The EUR/JPY catapulted off of its overnight lows at 131.48, spanning over 50 pips during European trading to test the key 132.00 upside barrier in these moments.

Following a movement of +0.18% above it’s opening, the EUR/JPY will encounter the following short-term resistances at 132.17, then 132.64, and finally 133.09. Conversely, the pair is projected to face support at 131.25, then 130.80, and eventually 130.33.

According to the ICN.com Analyst Team, “The EUR/JPY continues to fluctuate within a relatively tight range for the past few days, around 132.00 level, while RSI continues to lose the bullish momentum. The pair has also broken the short term ascending support while moving sideways. We would like to see RSI move higher again while price breaks and hold above 132.00 and preferably 132.50 to confirm further upside.”

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