EURJPY Recovers From Lows To 128.40, Focus Shifts to ECB Meeting


EURJPY Price Analysis – December 10

The EURJPY pair recovers from lows on Friday to trade at 128.40 intraday high level. After finding buyers around the 127.81 level during the day, the pair appears to be on track to conclude the week approximately 0.17 percent higher. As attention shifts to next week’s ECB meeting, pandemic uncertainty is putting the pair under pressure.

Key Levels
Resistance Levels: 130.00, 129.50, 129.00
Support Levels: 128.00, 127.50, 127.00
EURJPY Long term Trend: Ranging
The cross is presently trading around 128.34, with the next resistance level at 128.58 and 129.00 (psychological barrier), and finally 130.00 as the next high level. On the other side, a collapse below the 127.38 level (weekly low and Dec 3) will show the 127.30 immediate support level and, finally, the major 127.00 levels.

Overall, the EURJPY daily chart’s technicals show that a daily close above 128.50 could offer momentum for a move to the register another high before the end of 2021. Although the relative strength index continues to sustain the upward trend showing further gains are still conceivable in the longer term.
EURJPY Short term Trend: Bearish
EURJPY remains in the 127.50/129.00 range on the 4-hour timeframe, with a neutral intraday bias. A breach of the 129.00 level, on the other hand, would point to a retest of the 130.00 high. In the medium term, however, the exchange rate may make a short-term pullback towards the horizontal line of support at 127.50.

A further rally within the middle price channel is expected if the 129.00 resistance level holds. Meanwhile, a violation of the 128.00 level might move the bias to the downside, signaling a more significant decline to the 127.00 support level.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.