EURJPY Price Analysis – December 25
EURJPY continues to exhibit mixed sideways fluctuations after bouncing off March 2020 lows at 114.39 and has since remained in the range between 118.82 and 127.07, noting that basic channel stability allows for a subsequent breakout of the current barrier. and open the way for recording new positive targets, which could start at 130.00.
Key Levels
Resistance Levels: 137.50, 130.00, 127.07
Support Levels: 121.61, 118.82, 114.39
The EURJPY exchange rate has managed to maintain its trajectory towards a return to 130.00. The euro has strengthened to 127.07 and has since traded in the 121.61-127.07 range since rebounding from the March 2020 lows, climbing from the lower end of that range to the upper border in December.
On the other hand, in the event of any sudden drop, the pair has good support on downturns in the 121.00 buyer confluence zone, which acted as support during the October 2020 correction. Technically speaking, the cross has been hovering in a wider trading range since the beginning of this month.
EURJPY rallied to 127.01 last week but has not yet been able to break through the 127.07 resistance. The initial bias this week to 2021 is neutral. A persistent violation of the 127.07 level could trigger a general recovery from the 114.39 level. The next target is the mid-term zone 130.00.
On the other hand, a break of the 121.61 support level could displace the downtrend to continue the consolidation pattern from 127.07 with another phase of decline. In the long term, EURJPY remains in a long term sideways pattern. The subsequent phase of growth could begin at the resistance level of 137.50 and above.
Conclusion
EURJPY’s upward trend will continue and may rangebound for most of the month so far. However, in case there is a material worsening in the Covid-19 situation in the EU, EURJPY would be at risk of breaking below the 125.70-127.00 range that has prevailed since early December.
Note: Learn2.Trade 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
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