EURJPY Extends the Sell-Off From the Weekly Highs Towards the Sub-118.87 Region

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EURJPY Price Analysis – March 27

EURJPY fell under market pressure and tumbled to sub-118.87 levels at the time of writing. Japan’s anti-risk yen attained significant ground in the US session, driving the cross to session lows near 118.87 level amid the wide-spread vulnerability of the US dollar and the fall in US stock futures.

Key Levels
Resistance Levels: 123.37, 122.87, 121.15
Support Levels: 117.08, 115.83, 114.84

EURJPY Long term Trend: Bearish

In the larger structure, the trend stays bearish as the cross returned still within the falling channel formed since 123.37 (high). As long as the resistance level is 122.87, the downward trend may proceed in the next session towards the support level of 114.84.

Even so, a continuous break of 122.87 may achieve a double bottom level (115.83, 117.08) which may suggest a long-term bullish reversal.

EURJPY Short term Trend: Ranging

Initially, the EURJPY trend barely changed. Consolidation from a level of 115.83 can be increased through further rises. On the contrary, a break of 121.15 level will approach a resistance level of 122.87. On the downside, a continuous break of 115.83 level may suggest a greater resumption of the downward trend.

The price is testing the 119.99 resistance level even though the cross may have a retest of the 120.17 and 121.15 price levels. Support is seen at levels of 119.24, 118.87 and 118.37.

Instrument: EURJPY
Order: Sell
Entry price: 120.17
Stop: 120.67
Target: 119.24

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