EUR/JPY still under late July descending trendline below 131.00

FXstreet.com (Barcelona) - The EUR/JPY foreign exchange cross rate is currently trading near session highs at 130.65 helped on recent Euro strength and some Yen weakness, although still below NY session highs at 130.80, capped by descending trendline coming from late July highs.

EUR/JPY needs to break above 131.10

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart supports the advancing outlook, as indicators head north in positive territory while price develops above 100 SMA. Key level to watch comes around 131.10, as only above it the pair will have a easier upward path.” EUR/JPY is up +0.46% for the week so far.

EUR/JPY key technical levels

Bednarik finds support levels at: 129.90, 129.50 and 128.80, while resistance levels at: 130.70, 131.10 and 131.60.