EUR/JPY Moves Higher

EUR/JPY has been trading higher for the past few weeks as the pair reached 132.00 some ten days ago and is now gravitating towards 130.00. The exchange rate made a triple bottom on the short term time span with the latest low being the third point serving as a catalyst for the bullish camp to initiate buying.

Whether the third inflection point will hold will become clear once the rate passes the resistance zone at 131.34 and 131.50. Stronger resistance on the short term is seen at latest high at 132.00.

EUR/JPY is in a strong upward move for the last two months going from a low of 124.67 to a high of 132.00 with only two corrections and almost no consolidation.

Chart: EUR/JPY H4