EURJPY Remains Under As Price Consolidates Beneath 118.87 Level

EURJPY Remains Under As Price Consolidates Beneath 118.87 Level

EURJPY Price Analysis – April 10

EURJPY has lately rebounded to restore more trading activity after posting multi-week lows around the level at 116.12 and has risen as high as the 119.00 mark, where it lacks much potential for growth. On Friday, the common European currency stayed stable against the Japanese Yen, while the exchange rate is currently trading at 118.70 level.

Key Levels
Resistance Levels: 122.87, 121.15, 119.66
Support Levels: 118.00, 116.12, 115.83

EURJPY Long term Trend: Ranging

EURJPY consolidates the downside step to the 2020 trough while the pair is trading on the daily chart below its moving average of 13 signaling an active bearish trend in the currency pair.

The trend appears bearish in the larger sense, as the cross is from the peak formed since 137.49 (high) level, as is the horizontal barrier line. The downward trend from the level of 137.49 will continue to level 109.48 (low) as long as the resistance level remains at 122.87. Nonetheless, the continuous 122.87 level break may indicate medium to long-term bullish reversal.

EURJPY Short term Trend: Ranging

EURJPY once again approached the 118.87 level of resistance and the horizontal barrier as traders seek to create a bullish continuation to the 119.24 level and 199.99 handles. Moreover, despite the previous downward bias, it’s still uncertain if the pair can surpass the barrier of 119.66 level.

On the contrary, bears keep the pressure on while heading down the price levels of 118.00 and 117.71. And breakage of 117.71 minor support level may instead trigger the retest of 115.83 main support level.

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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Author : Azeez Mustapha

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