The common European currency appreciated 25 basis points against the Japanese yen on Thursday, while finishing at the 120.54 level, earning 7 pips (0.06%) at low volume. A similar target for buyers may be near the upper side of the horizontal zone limiting at the level at 121.00.
Resistance Levels: 127.52, 123.37, 121.47
Support Levels: 119.24, 117.08, 115.83
EURJPY Long term Trend: Bearish
Technical indicators show that the exchange rate will probably be bullish during this session. If the resistance level is maintained, formed by the upper limit of the horizontal zone, the currency exchange rate could be reversed downwards in the next trading session.
In general, the rebound level of 115.83 in the long term is considered only as a corrective increase, whereas in the case of a new advance, a high resistance due to the reduction of the resistance may contain the advance. Breaking the support of the level at 117.08 may be an early sign of the decline in the downtrend from the level at 127.52 to the level at 115.83 low.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY remains neutral at the moment. With the support level of 119.24 intact, the price increase from the level at 115.83 is in favor of continuation. On the positive side, above the level at 120.67, the bias may increase for resistance at the level at 121.47.
However, a firm break in the level at 119.24 may argue that the rebound of the level at 115.86 has ended. The intraday bias may be down to support the level at 117.08 for the confirmation of this scenario, although still in a long-term downtrend, the short-term trend is changing.
Entry price: 121.47
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