EURJPY Remains Under Pressure As the Japanese Yen Strengthens

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EURJPY Price Analysis – November 5

The EURJPY fell 0.50 percent during the day, and was trading at 130.97 at the time of writing, and is under pressure due to the central bank’s reluctance to raise interest rates. The pair fell to new 3-week lows at 130.83. Despite the following bounce off that region, the cross is still far into negative territory on Friday.

Key Levels
Resistance Levels: 133.47, 132.91, 131.50
Support Levels: 130.50, 129.61, 128.58
EURJPY Long term Trend: Ranging
The lower step is just corrective and has the potential to spread to the region 130.50, which is where the immediate resistance line (high of September) is located. As long as the price is sustained by the horizontal support level at 131.00, the trend at the cross is considered optimistic.

In the grand scheme of things, the entire downturn from the high of 134.12 should have ended around 127.93. The recovery from 127.93 might target a 61.8 percent retracement from 134.12 to 128.00, with the next level at 130.00. The stage will be set to level 134.50 by a continuous breach of recent (133.48 high).
EURJPY Short term Trend: Ranging
The 4-hour Relative Strength Index (RSI) shows that the EURJPY has lost some upside momentum. The tough rebound from the 130.83 level is still in favor of plunging towards a low level of 130.50, with the minor level of support at 130.47 intact.

The violation of the 130.47 level, on the other hand, may shift the bias for level 130.00 to the downside. The break might restart the slide around 130.50 levels from 131.00 levels, resulting in a further retracement from 130.50 to 131.50 levels.

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