EURJPY Rebounds From Recent Lows in the Region of 120.00 Level

EURJPY Rebounds From Recent Lows in the Region of 120.00 Level

EURJPY Price Analysis – June 12

EURJPY has tried to retrieve strength after testing the 120.20 regions throughout morning trading and is now trading right beyond 120.50 level. The rebound tends to follow the better tone in market risk developments and further recovery may be well above 124.00 level towards the 2020 highs.

Key levels
Resistance Levels: 126.78, 124.43, 122.87
Support Levels: 120.00, 117.50, 114.85
EURJPY Long term Trend: Ranging
In the wider context, the firm break of resistance level 122.87 indicates that the whole steady decline from level 137.49 (high) has been finalized at level 114.85. At 128.67 next stage, the present rally may soon aim a 61.8 percent retracement from 137.49 to 114.85 levels.

There the continued break opens the way for a level of 137.59 (high). And for now, the horizontal support line (now at 118.52 level) continues to hold intact, as this may continue to be the dominant scenario.
EURJPY Short term Trend: Ranging
The corrective decline from EURJPY’s level of 124.43 stretched to 120.25 level. It started to recover at 120.60 levels after breaching retracement of 38.2 percent from 114.85 to 124.43. Although there’s no clear indication of bottoming.

At 118.52 levels, persistent trading below 120.60 level will clear the path to 61.8 percent retraction. On the upside, however, a break of 122.87 minor levels of resistance will alter bias back to the upside for retesting 124.43 levels.

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Author : Azeez Mustapha


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