EURJPY Immediate Upside Recovery Confronts Key Hurdle Around Mid-118.00 Level

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EURJPY Price Analysis –  May 22

The common European currency has dropped significantly since yesterday’s trading session by 116 pips or 0.98 percent against the Japanese Yen. At the back of renewed demand for the safe-haven JPY, the upside momentum in EURJPY lost traction in the 118.52 Zone. Other things considered, the exchange rate for EURJPY may start to fall beneath.

Key Levels
Resistance Levels: 122.87, 121.15, 119.00
Support Levels: 117.08, 115.54, 114.39

EURJPY Long term Trend: Bearish

EURJPY ‘s recent bullish run simply stopped far above the MA 5 around the level at 118.52 aftermarket volatility gained footing from the 115.83 level, on the lower range of the moving average upside crossing and the horizontal support line.

Besides, the rising moving average of 5 and 13 and the impending bullish overlap of the ascending trendline are backing a positive outlook. However, should buyers take the upper hand and extend above the 118.52 level, the significant 119.00 and 119.99 high levels could draw traders’ attention ahead of the 121.15 high level from the end of March.

EURJPY Short term Trend: Ranging

EURJPY is trading past the upward trendline on the four charts which indicates a bullish bias. Nevertheless, in the previous session the market lost some momentum and it needs to be certain if there is any gas left in the tank at the spot.

The next zone of resistance is seen close to the price levels of 118.52/119.00 preceded by the level of 119.99. On the other hand, a short-term split underneath the level of 117.00 may also lead to a downward acceleration towards lower levels. Instant support can be seen close to levels 116.50 and 116.22.

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