EURJPY Price Analysis – March 13
Increased selling pressures in Japanese currency at the end of the week lift EURJPY near the 119.00 marks. The BOJ liquidity injection and recovery at the early day’s risk have recently been of help to pair.
Key Levels
Resistance Levels: 123.37, 121.74, 199.66
Support Levels: 118.37, 117.08, 115.83
EURJPY Long term Trend: Bearish
The trend remains unchanged in the larger structure as the cross stays well inside the dropping channel registered since the 123.37 (high) level.
The moving average 5 and 13 also rejected the upward move. The 115.83 level break could extend the downward trend from 123.37 (high) to 109.48 (low) level next.
EURJPY Short term Trend: Bearish
The intraday bias within the EURJPY pair currently remains neutral. A break down has poor backing at the moment. Sustainable trading beneath a low of 115.83 level may suggest that a larger downtrend from 121.74 level is resuming.
Nevertheless, a breakthrough of the resistance level of 121.74 can shift the bias back to the direction of increasing to the resistance level of 122.87.
Instrument: EURJPY
Order: Buy
Entry price: 117.08
Stop: 115.83
Target: 119.66
Note: Learn2Trade.com 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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