After EURJPY Pulls Off Fresh 2020 Lows in the Mid-115.00 Level Then Rebounds Further

After EURJPY Pulls Off Fresh 2020 Lows in the Mid-115.00 Level Then Rebounds Further

EURJPY Price Analysis – April 24

Over the prior trading session, the single European currency has declined more than 110 basis points or 0.98 percent against the Japanese Yen. After the plunge, EURJPY is seen bouncing off at mid-115.00 level out of its current fresh 2020 low.

Key Levels
Resistance Levels: 122.87, 119.99, 117.08
Support Levels: 115.54, 114.84, 113.50

EURJPY Long term Trend: Bearish

EURJPY has intensified the downside after falling beneath 116.22 support level, last seen at the mid-115.00s level in April 2017. Unless the selling bias increases, otherwise there is no substantial level of support till the low level of 114.85 in 2017.

Staring at the wider context, downside pressure in the 119.00 regions is predicted to lose some traction on a cross of April highs. Immediate upside shift may see intensity back to level 117.50. Though only beyond 117.50 levels may indicate a lower base and a false break.

EURJPY Short term Trend: Bearish

At this moment, the intraday bias in EURJPY stays on the downside. Continuous trading underneath a low level of 115.54 may trigger a greater reopening of the downward trend. The next near-term goal would be a 100 percent 121.15 to 116.22 forecast from 119.00 at 114.85 levels.

However, on the upside, breakage of 117.08 minor resistance level would suggest short-term bottoming and switch bias for a rebound to the upside.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.