EURJPY Attempts to Expand Further the Recovery From the 115.54 Region

EURJPY Price Analysis –  May 1

EURJPY continues the rebound off prior lows closer to 115.54 level to the current region past 117.00 level, in which some sellers might be present. Searching at the wider context, downside momentum in the 119.00 regions is predicted to lose some traction on an exceed of April highs.

Key Levels
Resistance Levels: 122.87, 121.15, 119.00
Support Levels: 116.50, 115.54, 114.84

EURJPY Long term Trend: Bearish

The EURJPY recently come off from almost three-year lows. It breached multiple zones of short-term resistance while the upside softened across the horizontal upside barrier at level 117.50. The technical view may point to a continuation of the rebound if the euro consolidates on top.

The main support level now will be 116.50 level. The EURJPY slide beneath the level of 116.50 may bring it back into the ranges of 115.54/116.50 with risks pivoting downwards. Under either situation, the trend may stay bearish as long as the resistance level of 122.87 stays intact in the event of a rebound.

EURJPY Short term Trend: Ranging

The rapid rebound and breach of EURJPY’s 117.50 resistance level imply short-term bottoming at a level of 115.54, on bullish convergence in 4 hour RSI. When this area of resistance is breached then the next appropriate aim will be at today’s 119.00 level in the confluence zone of the horizontal barrier line.

The intraday bias is already on the positive for a better recovery to the resistance level of 119.00. On the downside, the 115.54-level break will instead restart a broader downtrend.

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