EURJPY Courts With Key Support Near the 120.17 Level

EURJPY Price Analysis – January 31

The best tone surrounding the European currency is to keep the rebound in EURJPY to the 120.40 regions, not far from where the initial supply barrier is at the 120.17 level.

Key Levels
Resistance Levels: 124.31, 123.37, 122.87
Support Levels: 120.17, 119.99, 115.83

EURJPY Long term Trend: Ranging

In the larger structure, EURJPY remains fairly in the decreasing pattern established from 127.52 (high). The advance from level 115.83 is seen as a corrective movement. A solid resistance can be observed in the decrease in resistance to contain the positive side.

However, the sustained rupture of the horizontal resistance may have a greater bullish implication and approach the key resistance of 127.52 below.

EURJPY Short term Trend: Bearish

EURJPY remains in consolidation from the 119.66 level and intraday bias remains neutral initially and the advance may be contained by a resistance lower than 120.67 level to mark the beginning of another decline.

The corrective advance from the 115.83 level must be completed at the 122.87 level, in the bearish pattern scenario of the daily RSI, a 119.66 level break can approach the break at the 115.83 low level. However, the breakdown of level 121.47 can dampen this bearish view and alter attention again to level 122.87.

Instrument: EURJPY
Order: Sell
Entry price: 120.67
Stop: 121.47
Target: 120.17

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