EURJPY Renews Upside Bias With the Level at 127.07 in Focus Amid Risk Appetite

EURJPY Price Analysis – December 4

EURJPY stays bid in the upper end of the recent range while renewing its upside bias with the level at 127.07 in focus. The pair confronts upside barriers at the end of the week against the backdrop of the prevailing risk appetite trend in the global markets.

Key Levels
Resistance Levels: 127.50, 127.07, 126.68
Support Levels: 126.00, 125.00, 123.90
EURJPY Long-term Trend: Bullish
EURJPY maintains an unchanged thrust to the north and is gradually approaching 127.07. The pair is currently gaining 0.34% at 126.52, and a breakout of the 126.68 resistance zone will lead to 127.07 on the way to print a new year high.

On the other hand, initial support lies at 126.00, followed by 125.00 (Nov 30 low) and finally 123.90 (Nov 26 low). Meanwhile, in a broader context, the growth from the level of 114.39 is seen as a medium-term phase of growth within the long-term consolidation trend. Steady growth is expected as long as the support level at 119.31 remains unchanged.
EURJPY short-term Trend: Bullish
EURJPY lost traction ahead of 127.07 resistance but resume gains again, as seen by the 4-hour relative strength index towards 70. Intraday bias changed to bullish. On the other hand, a decisive break of the 127.07 level could resume the general bounce from the 114.39 level.

The next target should be the mid-term high zone of 127.50. On the other hand, a break of the 125.00 resistance that turned into a support level could reverse the downtrend to further consolidate from the 127.07 level with another cycle of decline.

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