EURJPY Plummet and Rebound From the Near Term Low Level at 120.67

EURJPY Price Analysis – January 24

The currency pair is losing ground for the second consecutive session on Friday, falling under strong bearish pressure amid negative indicators of the single currency, aggravated after the ECB meeting on Thursday.

Key Levels
Resistance Levels: 124.31, 123.37, 122.87
Support Levels: 120.67, 119.99, 115.83

EURJPY Long term Trend: Ranging

The constant momentum of bears in the European currency has put pressure on the EURJPY pair in the last couple of sessions.
Nevertheless, the daily pullback in the FX pair met a barrier around the upper border of the support trendline at the daily time frame in the region of the level of 120.67.

In the larger structure, EURJPY remains in the fallen structure, set at about 127.52 (high). Progress from the level of 115.83 is considered as corrective growth at the moment. Strong resistance can be seen when the resistance of the structure appears to limit growth.

EURJPY Short term Trend: Bearish

EURJPY’s plunge from the level of 122.87 reaches the level of 120.67, and the intraday bias stays on the south side. Meanwhile, the moving averages 5 and 13 are removed, attention is now paid to the 120.17 level of support for the structure.

A steady breakthrough can prove that the general advance from the level of 115.83 has completed and altered the bearish trend. Nevertheless, a strong bounce from the current level, accompanied by a breakthrough of the minor resistance level of 121.74, can hold a short-term bullish mood.

Instrument: EURJPY
Order: Sell
Entry price: 121.01
Stop: 121.47
Target: 120.17

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results