EURJPY Pierce Barrier While Strongly Pointing to Further Upside

EURJPY Price Analysis – December 13

Strong bullish momentum for the euro against the Japanese yen, as it decisively separates to the top of a new trend, and moves above MA 5 and 13 after the horizontal area. The foreign currency pair is likely to continue closing above for two days in a row after rising past the moving averages on the level at 121.01. However, it appears that Friday will end on a possible bearish reversal.

Key Levels
Resistance Levels: 127.52, 124.31, 123.37
Support Levels: 121.01, 119.24, 115.83

EURJPY Long term Trend: Bullish

In the longer term, bounce from the level at 115.83, shows expectations from the bottom are only corrective. In the event of further progress, a strong resistance might be recorded (now at 124.31 level) to contain the upside trend.

However, the continuous breach there might indicate a further bullish reversal and should target the level at the major resistance level at 127.52. Expectations are still bullish, indicating a bullish trend in the short, medium and long term.

EURJPY Short term Trend: Bullish

The daily bias remains on the top side of the level at the 122.65 resistance first. A break there might target the main resistance (now at 124.31 level).

On the downside, a break of the resistance turned support level at 121.01 is required to support the signal for a short term top. Otherwise, the outlook may stay bullish in case of a decline.

Instrument: EURJPY
Order: Buy
Entry price: 121.47
Stop: 119.24
Target: 124.31

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