EURJPY Induces the Bias Speedily Beneath the 121.00 Marks on Friday

EURJPY Price Analysis – July 3

At the end of the week, EURJPY loses ground for the third session in a row regarding a broad-based pick-up in the risk-off trend until being turned down in prior sessions from mid-121.00. The JPY is expected to further gain from any rise in China/US tensions toward the U.S. election or any decline in perceptions about the outlook for economic growth.

Key Levels
Resistance Levels: 124.43, 122.87, 121.15
Support Levels: 119.31, 117.50, 114.85
EURJPY Long term Trend: Ranging
Once the selling momentum picks up steam, then at 119.31 level the path is open for a possible push under the ascending trendline and the horizontal support line at the level. The pattern at the cross is seen as optimistic as long as this support area retains downside.

In the broader sense, the entire downtrend from level 137.49 (high) should have been achieved at level 114.85. Increasing from a level of 114.85 may seek a 61.8 percent retracement at 124.43 level from 137.49 to 114.85 levels. Even so, a continuous breach in horizontal support at 119.31 level may restore bearishness in the medium to long term for another low beneath 114.85 level.
EURJPY Short term Trend: Ranging
Intraday bias in EURJPY appears to be neutral as consolidation from level 119.31 continues to grow. The more decline is in support of staying intact at 122.20 slight resistance level. Until now, it may remain the chosen scenario, as long as the bias is in line with its resistance.

On the drawback, the 119.31-level breach may continue the 118.52-level decline from 124.43 to 61.8 percent retracement of 114.85 to 124.43 levels. Even so, to substitute the 124.43 level, the breach of 122.20 level may shift the bias back to the upside.

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