EURJPY Downside Correction May Attempt Level at 120.50

EURJPY Downside Correction May Attempt Level at 120.50

EURJPY Price Analysis – July 17

Throughout much of the trading week, EURJPY has been very optimistic but, lately, the market action has turned to the downside and could attempt a level of 120.50. EURJPY has come under some selling pressure after hitting fresh multi-week highs close to 122.50 level and is now floating around the 122.00 regions.

Key Levels
Resistance Levels: 124.43, 123.37, 122.20
Support Levels: 120.50, 119.31, 117.50
EURJPY Long term Trend: Ranging
The lower step can only be viewed as corrective and holds the ability to expand to the region 120.50, where the immediate support line (low of June) is located. The trend at the cross is seen as optimistic as long as the horizontal support level about 119.31 holds downside.

In the wider context, the whole downtrend from level 137.49 (high) should have already been finished at level 114.85. The recovery from level 114.85 may seek a retracement of 61.8 percent from 137.49 to 114.85 next level at 128.67.   There will be a continuous breach that sets the stage to level 137.59 (high).
EURJPY Short term Trend: Bullish
EURJPY is losing some upside momentum as seen in the Relative Strength Index (RSI) of 4 hours. But with 120.27 slight level of support intact, the rough recovery from 119.31 level is still in favor of expanding towards a high level of 124.43.

On the contrary, the 120.27 level breach may transform bias to the downside for level 119.31. The break may restart the fall at 118.52 levels from level 124.43 to retracement of 61.8 percent from 114.85 to 124.43 levels.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.