EURJPY Downside Momentum Intensified on Friday While Breaking Beneath Past 199.99 Level

EURJPY Price Analysis – February  28

In addition to the hysteria surrounding COVID-19, EURJPY is distressed from additional JPY-buying amid increasing global demand for a safe-haven. Against this context, the near-term horizon should not rule out a push to the region of 2020 lows close to the 118.46 level.

Key Levels
Resistance Levels: 122.87, 121.47, 199.99
Support Levels: 118.46, 117.08, 115.83

EURJPY Long term Trend: Bearish

The trend remains bearish in the long run as the cross stays well inside the falling channel formed from 122.87 (high) level.

The price has also just been rejected at 120.67 level by the upper near-term horizontal resistance zone while a break of 115.83 level may extend the downward trend from 122.87 (high) level to the next support level of 115.83.

EURJPY Short term Trend: Bearish

For the moment, the intraday bias in EURJPY remains neutral. On the downside, the support level of 118.46 could be reached below the 118.87 level. However, there may be a firm break with the 122.87 level downside momentum to continue the whole decline.

On the upside, above the 121.47 level may bring back bullish activity in the near term and instead target a retest at a high level of 122.87.

Instrument: EURJPY
Order: Sell
Entry price: 118.87
Stop: 119.66
Target: 118.46

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