A stable EURJPY exchange rate or one that has been moving steadily in the same direction for some time makes looking for the best Euro exchange rate a bit more straightforward. EURJPY is in a textbook uptrend that dates back to the 18th of January. And to break that trend we would have to see the price fall back below 132.117
Of course, the trend line that tracks this price action is rising all the time and that makes the potential for a confluence between the two more likely as the price consolidates around 133.300 and 133.50.
That’s said on the 4 prior occasions that the trend line was tested it held and acted as support and it could yet do so again. That line comes at 132.25 at the present moment in time.
For context, EURJPY has posted 17 news highs over the last quarter. However, it is below the 3 months high of 134.12 which creates a useful short term target and reference point.
The one month low is 132.504 should that, and the uptrend line be breached, then we could look for 128.29 over the midterm and perhaps to 127.65 over a longer time horizon.
An upside move through 134.40/134.46 would open the door to the 5-year high up at 137.4970.