EURJPY Extends the Rebound Beyond the Level at 125.00 As Stimulus Talks Back On

EURJPY Price Analysis – October 9

EURJPY tries to gain extra momentum and rebound beyond the level at 125.00 on Friday. After wrapping up discussions on a stimulus plan, President Trump has reneged, saying he’s ready to discuss a pruned-down stimulus package.

Key Levels
Resistance Levels: 127.07, 126.46, 125.58
Support Levels: 124.43, 122.37, 119.31
EURJPY Long term Trend: Ranging
In the larger sense, a lift from level 114.39 is seen within a long-term sideways trend as a medium to long-term rising phase. As long as the 119.31 support level holds, a further advance is anticipated.

A 127.07 level breach may aim 61.8 percent of 137.49 (high) level retracement to 114.39 at the next 128.67 level. Even then, the steady breach of 119.31 level may suggest that the growth has been achieved from 114.39 level and shift the emphasis back to this low.
EURJPY Short term Trend: Ranging
The rebound of EURJPY from the 122.37 level is still in development and the intraday bias stays slightly upside to the 127.07 level re-test. As 38.2% retracement has been supported from 114.39 to 127.07 at 122.37 levels, we may anticipate a greater rebound from 114.39 levels to pick up later, with a breach of the 127.07 marks.

Nevertheless, on the downside, a breach of 123.37 minor support level may mean that the rebound from the 122.37 level has ended. At the 122.37 support level, intraday bias may be switched back to the downside.

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