EURJPY’s Downside Attempt Halts at 123.41 Support Level on Positive Fundamental

EURJPY Price Analysis – October 23

EURJPY’s corrective downside from a recent high around 125.00 level meets decent contention at the 123.41 regions. The pair is attempting to recover higher against the Yen, following the release of positive PMI Manufacturing data from Europe.

Key Levels
Resistance Levels: 127.07, 126.46, 125.00
Support Levels: 123.37, 122.37, 119.31
EURJPY Long-term Trend: Ranging
Meanwhile, the constructive position of the EURJPY pair remains unchanged, and the pair sits above the moving averages 5 and 13 at 124.00 marks today. If sellers continue to move south, monthly lows around 123.00 could come under pressure ahead of 122.37 lows (September 28).

Further gains are expected as long as the 119.31 support level is held. A break of 127.07 would target a 61.8% recovery from 137.49 (high) to 114.39 at the next 127.50 levels. However, a solid breakout of the 119.31 level would be evidence that the rally from 114.39 has ended and has returned attention to this low.
EURJPY Short-Trend: Ranging
On the 4-hour timeframe, EURJPY remains in the 123.00/125.00 range and the intraday bias remains neutral. On the other hand, a break of the 125.00 level would target a retest at the 127.07 high. On the other hand, the exchange rate may make a short-term pullback towards the support of the uptrend line at 123.37 in the short term.

The potential target for bearish traders will be the weekly support level of 122.37. On the other hand, below the 123.00 level, it will target a 38.2% recovery from 114.39 to 127.07 at 122.37. A solid break there will confirm the resumption of the entire corrective fall from 127.07.

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