EURJPY Pair Continues a Steady Decline, Breaking Through 128.00

EURJPY Price Analysis – November 19

The EURJPY currency pair continues to lose ground, falling below the critical round number of 128.00 on Friday. So far, the pair’s severe multi-session retreat appears to have met a hard opposition in the 130.00 vicinities. Given the potential for the ECB to underperform behind most other G10 central banks in raising rates, the EUR is lagging over the anticipated horizon.

Key Levels
Resistance Levels: 132.50, 131.50, 130.50
Support Levels: 127.93, 127.00, 126.72
EURJPY Long term Trend: Ranging
The extension of the downtrend may be addressed, as seen daily beneath moving averages 5 and 13 under the horizontal support at 128.50. Beyond this point, the cross-analysis is expected to remain favorable. In a larger sense, the rise from 125.09 represents a medium-term increasing phase inside a long-term horizontal trend.

In response to the strong sentiment favoring the Japanese yen, the selling tendency in EURJPY resumed after a brief challenge of the 130.00 areas. The cross not only fell below the 128.50 barriers shortly after, but it also hit new multi-week lows beneath the 128.00 level.
EURJPY Short term Trend: Bearish
After hitting the 127.98 mark, the EURJPY recovers and the intraday bias remains negative. As long as the 129.03 near-term resistance level holds, a further drop is predicted. The decline from 129.98 is reversing the climb from 127.98 lows.

A firm breach of level 129.03, on the other hand, would indicate that the pullback from level 129.98 is complete. Intraday bias will be turned back to the upside to retest this height. We could see additional unwinding as short-term support comes in at level 128.50.

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