EURJPY Loses Pace As It Nears the 134.12 High Amid Risk-Off Market

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EURJPY Price Analysis – October 22

EURJPY weakens shy of the 134.12 June high in the prior day, the needle-like gain appears to have run into some resistance near around 133.72 on Thursday, resulting in a minor corrective fall. The cross corrected lower on Friday following the existing bias for a modest corrective fall. Price action was unfavorable, as seen by declining US stock indices of 0.06 percent to 0.41 percent, except the Nasdaq Composite, which rose 0.27 percent.

Key levels
Resistance Levels: 134.50, 133.50, 132.50
Support Levels: 132.00, 131.50, 131.00
EURJPY Long term Trend: Ranging
On Friday, the EURJPY opened lower at 132.45 and moved higher to 132.79. The pair retreated, as bears emerged and traders focused on levels below 132.00. To investigate the bearish scenario, a decisive fall below 132.00 must be established. The pair may continue to fall, with bearish traders targeting the below 132.00 area as a possible objective.

Growth from 125.08 is considered as a mid-term phase of growth inside a long-term consolidation trend in a broader perspective. As long as the 128.00 support level holds, more gains are expected. A strong breakout of 128.00, on the other hand, would confirm that the rebound from 125.08 has come to an end, bringing this low back into focus.
EURJPY Short term Trend: Ranging
The EURJPY is still trading in a range from its high of 133.48, and the intraday bias is still to the downside. If the former barrier at 132.00 holds as support, the further climb is likely. A decisive rebound past 132.50, on the other hand, will restore entire gains from 128.00.

The mid-term level of 133.50 will be the next aim. A break of revised support at 132.00, on the other hand, might reverse the uptrend and broaden the range from 133.50 with a new phase of drop.

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