EURJPY Bearish Momentum Remains Toward 123.00 Level

EURJPY Price Analysis – November 20

The EURJPY pair is attempting to close beneath the 123.37 price zone as speculative interest stays trapped between coronavirus outbreaks and vaccine hopes. The pairs selling momentum remains toward the 123.00 level.

Key Levels
Resistance Levels: 127.07, 125.00, 123.37
Support Levels: 122.37, 121.61, 119.31
EURJPY Long term Trend: Ranging
As seen in the daily time frame, the downside pressure is expected to accelerate if EURJPY breaks below the 123.00 support, exposing the ascending trendline support and the 122.37 low. Meanwhile, the moving average 5 and 13 stays mixed for a range in the coming sessions.

If the 123.00 support holds, a surge towards the 123.40 level could be expected during the following trading session. However, a barrier around the MA 13 could serve as a limitation for bullish traders within this session. Lower here a firm breach of 119.31 level will argue that the rise from 114.42 level has completed and turned the focus back lower.
EURJPY Short term Trend: Ranging
The intraday bias in EURJPY is staying in consolidation with the current recovery. A much more decline is mildly in consideration with 123.37 minor resistance level intact. Beneath the 122.37 level will target a test on the 121.61 low level initially.

The resolute breach there may restart the trend from 127.07 level with another decline to 119.31 key support level. On the upside, though, a breach of 123.37 minor resistance level may shift sentiment back to the upside for the 125.00 level instead.

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