EURJPY Downside Extends Lower With Bearish Momentum Beneath 118.87 Level

EURJPY Downside Extends Lower With Bearish Momentum Beneath 118.87 Level

EURJPY Price Analysis – March 6

EURJPY prolongs the downward movement for the second session in a row on Friday, escalating after breaking beneath the key level of 118.87. In general, the exchange rate may continue to decline during the next trading session. Against this background, the cross faces the next price level of relevance in 118.37 regions.

Key Levels
Resistance Levels: 122.87, 121.39, 199.66
Support Levels: 118.37, 117.08, 115.83

EURJPY Long term Trend: Bearish

In the long-term structure, the trend stays bearish, as the cross remains within the falling channel established from 122.87 (high) level. It was also simply rejected by the nearest moving average of 13.

A break of 115.83 level may expand the downtrend from 127.52 (high) level to the support level of 114.84 in the following.

EURJPY Short term Trend: Bearish

The initial intra-day bias of EURJPY stays neutral. A further plunge stays mild in favor with a resistance level of 121.39 unchanged. A larger rebound from the level of 115.83 should have completed at the level of 122.87.

A break of 118.37 level could come close to a 100% forecast from 122.87 to 118.37 from 121.39 to 117.08 level in the following. Nevertheless, a solid breakthrough at the level of 121.39 can return a short-term bullish mood and provoke a repeated test of the resistance level of 122.87 level.

Instrument: EURJPY
Order: Sell
Entry price: 119.24
Stop: 119.66
Target: 118.37

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.