Currency pair Euro Yen EUR/JPY completes the trading week near the level of 130.44. The pair continues to move within the correction and left the bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the currency and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt to raise the price and test the resistance area near the level of 131.25. Further, a rebound downward and an attempt to continue the fall of the pair with a potential target below the level of 122.85.
EUR/JPY Weekly Forecast January 3 — 7, 2022
An additional signal in favor of the fall of the EUR/JPY currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the EUR/JPY fall option will be a strong price growth and a breakdown of the 134.05 area. This will indicate a breakdown of the resistance area and continued growth of the pair on Forex with a target above the 137.25 area. Confirmation of the pair’s fall in the current trading week January 3 — 7, 2021 will be a breakdown of the support area and closing of quotations below 126.55.
EUR/JPY Weekly Forecast January 3 — 7, 2022 therefore suggests an attempt to test the resistance level near the 131.25 area. Then, the continuation of the fall of EUR/JPY to the area below the level of 122.85. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the EUR/JPY fall option will be a breakdown of the resistance area and closing of quotations above the level of 134.05. This will indicate a continued rise in the pair with a potential target above the level of 137.25.
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