EURJPY Expected To Fall Further Beneath 129.00

EURJPY Price Analysis: Sept 10

After two consecutive daily pullbacks and fresh lows in the 129.70 range, EURJPY manages to return to positive territory today. However, for the 2nd day in a row, EURJPY buyers are battling the 130.00 zones. The longer downside pressures remain, the greater the likelihood of a correction to the downside.

Key Levels
Resistance Levels: 131.00, 130.50, 130.00
Support Level: 129.13, 128.58, 128.00
EURJPY Long term Trend: Ranging
Bearish traders are anticipated to continue to push the EURJPY lower during the upcoming trading session as the exchange rate fell from 130.50 hurdles. The 126.00 support level, on the other hand, may be able to keep the exchange rate stable in the medium run. As long as the resistance level at 130.50 remains steady, a further decline is predicted.

A break over 130.50 might lead to recovery towards the high of 134.12 to 125.08 at 127.50. Trading above this level could lead to the next objective of 137.49. A strong breakout of 126.00, on the other hand, could signal that the rebound from 127.93 is over, bringing the focus back to the low.
EURJPY Short term Trend: Ranging
The EURJPY is still trading beneath the 130.00 regions, with an early neutral intraday bias. Another gain is fall is likely, as the support level of 129.62 remains a weak support level. A decisive bullish return past 130.00, on the other hand, will resume entire advances from 127.93.

The mid-term support level of 129.13 may be the next aim on further fall. A break of revised support at 128.00, on the other hand, might reverse the downtrend and broaden the range from 130.00 with a new phase of drop.

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