EURJPY Bullish Recovery Expected to Ease out and Continue in a Symmetrical Line Downwards

EURJPY Price Analysis – November 8

The European common currency had a bullish rebound versus the Japanese yen in the last session while testing the horizontal zone on the level at 121.11. Meanwhile, the pair’s exchange rate may likely continue to fluctuate and lose strength within this session. The potential target next may be at the level at 119.11.

Key Levels

Resistance levels: 127.52, 123.37, 121.47

Support Levels: 119.11, 117.08, 115.86

EURJPY Long term Trend: Bearish

EURJPY exited the prior session on the level at 120.76 after recording a gain of 15 pips and in the present session the FX pair is trending up to 40 pips lower after the open, the market momentum managed to stay on its support during the session whereas it may end the day below its opening price.

Additionally, the decisive break of the level at 120.35 support may affirm this scenario and may allow further plunge past the horizontal support zone. And reactions from here may determine whether the medium term has reversed. Presently, a further rebound is expected so far the level at 117.08 support remains intact.

EURJPY Short term Trend: Ranging

On the 4-hour time frame, the intraday bias in EURJPY stays neutral for consolidation below the level at 121.11. A lower retracement may be recorded, but a downward zone may be restricted by the level at 119.11 near term support.

Although on the upside break of the level at 121.47 may resume the advance from the level at 115.86 to 117.08 past the level at 121.47 to 122.32 resistance next, however, while still in a long-term downtrend, the short and medium-term outlook is ranging.

Instrument: EURJPY
Order: Sell
Entry price: 120.35
Stop: 121.47
Target: 119.11

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