EURJPY Rising Wave Is Supported by Moving Average 5 and 13

EURJPY Price Analysis – December 27

EURJPY buyers ride on the upside momentum to the level at 122.46 during the European session into American Session on Friday. The pair recently bounced off the moving average 5 while the upper line of the ascending trend-line channel since early-September may bolster the pair’s advances past the level at 123.37.

Key Levels
Resistance Levels: 127.52, 124.31, 122.65
Support Levels: 121.47, 119.99, 115.86

EURJPY Long term Trend: Bullish

In the longer term, EURJPY remains within the falling structure set at 127.52 (high). Progress from the level of 115.86 is currently considered as a corrective movement.

Meanwhile, with a focus on the horizontal resistance (currently at the level of 124.31), a solid resistance is seen, which inhibits growth. Nevertheless, a steady breakthrough of the horizontal resistance may carry an indication of bullish implication and approach the level at 127.52 of the key resistance next.

EURJPY Short term Trend: Bullish

EURJPY is recovering today but remains beneath the resistance level of 122.65. The initial bias within the day remains neutral. And consolidation may increase, but the decline should be limited by the support level of 119.99 to start a new rally.

On the other hand, the breakdown of the level at 122.65 may approach the resistance level of 123.37. However, the breakdown may come close to the resistance of the key horizontal zone(now on the level of 124.31).

Instrument: EURJPY
Order: Buy
Entry price: 122.32
Stop: 119.99
Target: 123.37

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