The price movement on the chart of the EUR/JPY currency pair is seen to still maintain a bullish pattern continuing trading at the opening of the week.
If you look at the movement over the past week, the price remains at the latest daily high with a target of reaching the 150.00 level.
As an indication of a continued bullish trend, the price continues to cross above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/JPY chart.
Flattening at 149.00 at the start of the week's first session yesterday, the price then surged and finally touched the 150.00 level in trading continuing into the Asian session this morning (Tuesday).
However, the price slightly bounced down and leveled off around that continuing trading in the next session.
Analysts still see the bullish price pattern has not yet been broken, the price is also still hovering above the MA50 level.
However, the resistance at the 150.00 level needs to be broken if the price wants to continue its climb to higher levels.
An important target for the price to reach is at the height of 151.600 which is an important zone for the price.
The level was reached at the beginning of last May, and what is interesting is that the level is the highest record reached by the price since 2008.
Therefore, if the price succeeds in overcoming that height, the latest record high will be recorded again this month.
However, analysts also warned that if the 150.00 barrier fails to be broken, otherwise investors will witness a decline again.
This will be an early sign for a trend change to begin and the price is likely to fall below the MA50 level.
The initial level to be tested after the decline occurs is at around 148.300 before the next significant plunge in price will target the 146.300 support zone.
