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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News