EURJPY Keeps Trading Range Intact Between 117.08-119.99 Levels in a Consolidation Mode

EURJPY Price Analysis – March 20

EURJPY holds the side-lined trading well in place for another session on the back of the rebound in both the European currency and its Japanese counterpart at the end of the week, all in response to any ongoing greenback adjustment.

Key Levels
Resistance Levels: 123.37, 121.47, 199.99
Support Levels: 117.08, 115.83, 114.84

EURJPY Long term Trend: Bearish

Since the start of the trading sessions this week the currency pair has been trading within the range of 119.99/117.08 levels. Most likely, the exchange rate will continue to trade within the specified range until the end of today’s business session.

On the other hand, the trend stays bearish in the larger structure, as the cross stays well within the falling channel formed from 123.37 (high) level. So long as the resistance level holds at 122.87, the downward trend may continue sooner or later to the next level of support at 114.84 level.

EURJPY Short term Trend: Ranging

EURJPY stays in range trading and, first, intraday bias stays neutral. With another increase, the consolidation from the level of 115.83 could expand. On the downside, a sustained break of 115.83 level may suggest a greater resumption of the downward trend.

The currency exchange rate, on the other hand, could break higher at 118.87 level from the current price level and make a minor upward movement during the following trading session.

Instrument: EURJPY
Order: Buy
Entry price: 118.37
Stop: 115.83
Target: 119.24

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