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flag ★ EUR/JPY Price Analysis for 5th March, 2021

Forex Analysis:::2021-03-05T14:16:32

EUR/JPY Price Analysis for 5th March, 2021

  • EUR/JPY extends gains to the 129.60 region on Friday.
  • Higher US yields keep the selling mood around the yen unchanged.
  • US Nonfarm Payrolls will take centre stage later in the NA session.

The hike higher in US yields keep the selling bias well and sound around the Japanese yen and motivate EUR/JPY to extend the upside momentum well above 129.00.

EUR/JPY trades with a positive bias for the fifth session in a row at the end of the week, always supported by the persistent offered note surrounding the Japanese yen. In fact, the rally in US yields continues to lend wings to the greenback and encourage JPY bears to remain in control, all morphing into extra gains in the cross and opening the door to a potential visit to the 2021 highs.

Everything being equal, the EUR/JPY exchange rate could continue to edge higher . The potential target for bullish traders would be near the 130.00 level. At the moment the cross is gaining 0.11% at 129.31 and faces the next resistance at 129.87 (2021 high Feb.24) followed by 130.00 (psychological level) and then 130.14 (monthly high Nov.7 2018). On the other hand, a drop below 128.18 (weekly/monthly high Mar.2) would aim for 127.30 (low Feb.17) and finally 127.0o

Analyst InstaForex
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