EURJPY Stalls Ahead of Recent High at 124.43 Level as a Risk-Off Prompt Gain for the Yen

EURJPY Stalls Ahead of Recent High at 124.43 Level as a Risk-Off Prompt Gain for the Yen

EURJPY Price Analysis – July 24

EURJPY is trading at daily lows, beneath level 123.37, since having experienced opposition at level 124.24 in the prior session. While the anti-risk yen attracts bids and drives EURJPY lower in the risk-off mood on global stock markets, EURJPY appears to be wavering only ahead of the June high at 124.43 level.

Key levels
Resistance Levels: 125.23, 124.43, 123.37
Support Levels: 121.96, 119.31, 117.50
EURJPY Long term trend: Bullish
Looking ahead, the EURJPY pair’s fall may stall if stock market sentiment changed, as suggested by the S&P 500 futures gain of 0.17 percent. The now softer tone in the European currency drives EURJPY to resign near the latest highs beyond the level of 124.00 and falls to the region of 123.37 at the time of writing.

In the wider context, the entire downtrend from level 137.49 (high) should have already been finished at level 114.85. The recovery from level 114.85 will seek a retracement of 61.8 percent from 137.49 to 114.85 levels at the next level 125.23.
EURJPY Short term trend: Bullish
EURJPY has declined quickly outside of resistance level 124.43 and intraday bias is first rendered neutral. An even further improvement is also anticipated as long as the resistance level switched support holds at 121.96. On the opposite, the sustained 124.43 level breach may restart the entire rally from the bottom stage of the 114.85 level.

The next aim would be a forecast of 61.8 percent from 119.31 to 125.23 levels of 114.85 to 124.43. Nonetheless, for 120.27 support level and beneath, breakage of 121.96 level may transform bias back to the downside.

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Author : Azeez Mustapha


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