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03.08.202115:30 Forex Analysis & Reviews: Intraday analysis on EURJPY

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EURJPY is now trading at 129.34. Price is above the recent low of 128.75 and as long as price is above this low, we remain optimistic for a move higher. The RSI is challenging its support trend line.

Blue lines - bullish divergence

Red lines - bullish channel

EURJPY is challenging the bullish channel. The RSI provided us with a bullish divergence but the upward sloping blue line also works as a support trend line for the RSI. At current levels the risk return ratio favors bullish positions. At current levels I prefer to be bullish as I believe the chances for an upward reversal are high. Price has resistance at 130.35. I believe price has many chances of an upward reversal and a break above 130.35. The risk for bulls is for price to break below 128.75.

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