EUR/JPY Price Analysis: a break above the 200-DMA opens the door towards 132.00

• The cross-currency pair trades around 128.80, down 0.05%.
• EUR/JPY trades inside a descending channel once breached, the next target is 132.00.
• If the 200-DMA holds open the door towards consolidation between 127.00-128.50 range.

The EUR/JPY is down in the day, trades around 128.81, down 0.05%.

Daily technical chart

The EUR/JPY trades around 128.81.

The pair is trading inside a descending channel. The daily moving averages stand above the spot price with the shorter-time frame in between the longer-time frames. 

The price is approaching the 200-day moving average at 129.10, if it’s breached, the price could aim towards higher levels. If this happens, the pair could aim towards the descending channel target around 132.30-50. The next level to the upside is the August 11 high at 129.80, followed by the 130.00 to 130.15 range and then the confluence of the 100-day moving average and the July 13 high at 131.10.

On the downside, if the 200-DMA holds, the next support is at the 127.90-128.00 range, followed by January 29 high at 127.34 then the 127.00.

RSI is at 43.00 headings higher while the Average True Range is 52 pips, aiming downwards.

EUR/JPY technical levels