EUR/JPY Technical Analysis: Bulls await an upside break of sideways channel

• The EUR/JPY closed above the 50-day moving average (MA) on Thursday for the first time since May 2.
• So, the pair might see an upside break of the sideways channel, in which case the psychological hurdle of 130.00 could be put to test.
• The Bollinger Bands on the hourly charts have narrowed, so a big move could be in the offing.

Hourly chart

Spot Rate: 129.38

Daily HIgh: 129.46

Daily Low: 129.21

Trend: Bullish above 129.70 (channel resistance)

Resistance

R1: 129.53 (upper Bollinger Band)

R2: 129.70 (channel hurdle)

R3: 130.00 (psychological hurdle)

Support

S1: 129.21 (lower Bollinger Band)

S2: 128.56 (channel support)

S3: 128.17 (38.2% Fib R of 124.62-130.36)