The EUR/JPY is kept alive in the current bullish trend

The EUR/JPY remains above the 200 day moving average and support at 132.12 level.

It is very likely that this pair up to resistance at the 132.59 level, which could mean a sharp bullish rebound from the 200 SMA and strengthening the current bullish trend in this pair. However, if the EURJPY achieves in break the support level of 131.83, it is expected to drop to the level of 131.35, which would initiate a new bearish trend in this pair, because this would fall below the average 200 moving.

However, in the daily chart this pair has made a bullish corrective movement in the current trend. If the pair manages to break the resistance at the 132.75 level, one would expect that this pair reach historic high levels in the 134.00, very important psychological level. The MACD indicator remains in positive territory but approaching extreme overbought levels.

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