EUR/JPY Price Analysis: Buyers attempt to refresh weekly high near 129.80

• EUR/JPY pares the previous day’s gain on Thursday.
• Recovery from 127.94 pauses near 129.40, additional gains above the bearish slopping line.
• Momentum oscillator holds onto oversold zone with a bullish crossover.

EUR/JPY snapped the previous four session’s gains on Thursday morning in the European trading hours. The cross opened higher but failed to preserve the momentum.

As of writing, EUR/JPY is trading at 129.40 with 0.07% losses for the day.

EUR/JPY daily chart

On the daily chart, the EUR/GBP currency pair fell sharply from the high of 133.58 on June 16 and tested multi-month support near 127.94 on August 20. 

If price is sustained above the intraday’s high of 129.54, it could move back to the 129.80 horizontal resistance level.

The Moving Average Convergence (MACD) indicator holds onto an oversold trajectory with a bullish stance. Any uptick in the MACD would prompt EUR/GBP bulls to meet 130.02 horizontal resistance level.

Next, the EUR/JPY bulls would meet the high of July 30 at 130.49.

Alternatively, if prices reverse direction and slip below the 20-day Simple Moving Average (SMA) at 129.24.

A break of the above level would mean bears would test the previous day’s low of 128.76.

Market participants attempt to retest the 128.50 horizontal support level followed by the low of August 20 at 127.94.

EUR/JPY additional levels