EURJPY Extends Rebound From Weekly Lows Beyond 126.00 Level

EURJPY Extends Rebound From Weekly Lows Beyond 126.00 Level

EURJPY Price Analysis – January 22

EURJPY remains bid in the upper end of the recent range beyond 126.00 level while renewing its upside bias towards the level at 127.07. The pair’s upside move continues at the end of the week against the backdrop of the prevailing risk appetite trend in the global markets.

Key Levels
Resistance Levels: 128.50, 127.50, 127.07
Support Levels: 125.08, 123.90, 121.61
EURJPY Long term Trend: Ranging
EURJPY maintains an unchanged thrust to the north and is gradually approaching 127.07 barriers. The pair is currently gaining 0.33% at 126.29, and a breakout of the sub 126.00 zone will lead to 127.07 on the path to register new highs.

On the other hand, initial support lies at 126.09, followed by 125.00 weekly low and finally 123.90 low. Meanwhile, in a broader context, the growth from the level of 114.39 is seen as a medium-term phase of growth within the long-term consolidation trend. Steady growth is expected as long as the support level at 119.31 remains unchanged.
EURJPY Short term Trend: Ranging
The rebound of EURJPY from the 125.08 level is still in development and the intraday bias stays slightly upside towards the 127.07 level re-test. As 38.2% retracement has been supported from 114.39 to 127.07 at 126.09 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 the 123.90 key support level may mean that the rebound from the 125.08 level has ended. Meanwhile, at the 125.08 support level, intraday bias may be switched back to the downside.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.