EURJPY Extends Further South Towards 2020 Lows Around the Sub-117.00 Region

EURJPY Price Analysis – April 17

EURJPY stays underneath strong downside tension this week so far in reaction to the soft European currency numbers and safe-haven capital flows lifting the Japanese yen to the lows around the sub-117.00 level of 2020.

Key Levels
Resistance Levels: 122.87, 121.00, 119.24
Support Levels: 116.12, 115.83, 114.84

EURJPY Long term Trend: Bearish

The 5 and 13 moving average against the Japanese Yen has persisted to stress the single European currency. Over the first part of Friday’s session, the currency pair dropped by 71 pips or 0.60 percent. As for the continuation of the trading session on Friday, the EURJPY exchange rate will more than probably begin to drift down. The potential goal should be close to the support level at 115.83.

In the wider sense, the trend stays bearish as the cross persists inside the bearish path formed since level 137.49 (high), as well as falling MA 5 and 13. So much as resistance level of 122.87 remains constant, the downward trend from the level of 137.49 may stretch to the level of 109.48 (low). The sustained 122.87 level break would instead imply medium to long-term bullish reversal.

EURJPY Short term Trend: Bearish

The latest price activity further unlocked the path to a potential stay in the short-term timeframe to the 2020 lows in the sub-117.00 range. There is no shift in the pattern of EURJPY as an intraday bias for 115.83 key support zone stays slightly on the downside.

The pivotal break there will support the resumption of broader downward trends. On the upside, the break of level 119.24 may broaden the recent consolidation from level 115.83 with yet another phase of growth.

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