EURJPY Extends Decline Lower Past the Level at 117.08

EURJPY Extends Decline Lower Past the Level at 117.08

EURJPY Price Analysis – April 3

The FX cross extends its lower fall into the European session early underneath the price level at 117.08 as the pair resumed lower. EURJPY acceleration downside remains intact, as sellers tend to force down prices. The pair’s potential target will be on the 116.00 marks.

Key Levels
Resistance Levels: 122.87, 121.15, 118.87
Support Levels: 116.12, 115.83, 114.39

EURJPY Long term Trend: Bearish

EURJPY is sliding towards the lows of 2020, as the pair trades below its key daily 5 and 13 MAs and signals an apparent bearish trajectory. The pattern remains bearish in the larger sense as the cross stays well within the falling channel formed from 122.87 (high) level.

The downtrend will continue to 109.48 (low) level as long as the resistance level holds at 122.87. Continuous 122.87 level break may, however, conclude a double bottom at (115.83, 116.12) levels which may indicate medium to long-term bullish reversals.

EURJPY Short term Trend: Bearish

The emphasis is now on EURJPY support levels of 115.83/116.12. There the definitive break may accelerate the larger downward trend. Next, a relatively close-term goal would be a 100 percent forecast of 122.87 to 116.12 at 114.39 levels from 121.15.

Nonetheless, on the upside, the break of 118.87 minor level of resistance may assert that consolidation from 115.83 level is increasing with yet another upward step. Intraday bias for resistance level of 121.15 may be shifted further to the upside.

Instrument: EURJPY
Order: Sell
Entry price: 117.08
Stop: 117.71
Target: 116.12

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 a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.