After Trading Lower for Days, EURJPY Is Structured for a Breakout

EURJPY Price Analysis – November 15

The common European currency versus Japanese yen had depreciated about 57 basis points and exited Thursday on the level at 119.47. Looking at a hypothetical perspective, the exchange rate of EURJPY may make an upside reversal inside this session. Buyers may focus on the moving average 13 on the horizontal zone on the level at 120.35.

Key Levels

Resistance Levels: 123.37, 122.32, 121.47

Support Levels: 119.24, 117.08, 115.83

EURJPY Long term Trend: Bearish

The current development on the daily time frame indicates that a long term bottom is formed on the level at 115.83. A decisive break of the level at 120.35 support turned resistance may confirm this scenario and lead to a further increase in channel resistance (currently at 124.31).

Activity from there would determine if the long term trend has reversed. As for the moment, a new rise is anticipated as long as the support on the level at 117.08 will be maintained.

EURJPY Short term Trend: Bearish

On the contrary, there is no change in the EURJPY trend as we still consider price movements from the level at 121.47 as a consolidation. The downside may be limited by the level of 119.24 support.

However, on the upside breakout of the level at 121.47 may advance the move from the level at 115.86 to the level at 123.37 resistance. Although the firm breakout of the level at 119.24 may indicate the 115.83 increase is over and the intraday bias may be altered for the level at 117.08 support.

Instrument: EURJPY
Order: Sell
Entry price: 120.35
Stop: 121.47
Target: 117.08

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