EURJPY Stays Beneath Bearish Pressure Into the Exit of the Trading Week

EURJPY Price Analysis – February 7

Demand for the safe-haven, Japanese yen is growing after the Chinese government announced that it would halve US import taxes of $ 75 billion. The United States had indicated its willingness to work with China to finally abandon all higher tariffs. The bit-level for sellers is 119.90 level.

Key Levels
Resistance Levels: 124.31, 123.37, 122.87
Support Levels: 119.99, 117.08, 115.83

EURJPY Long term Trend: Ranging

EURJPY broke beneath the horizontal support level of 120.67, as the appeal for safe-haven is growing again, strengthening the Japanese yen. The fundamental side is also driving a bearish bias for the EURJPY pair.

The technical side is also putting pressure on the EURJPY pair. The double top model at 121.00 level stimulated bears in the EURJPY pair, while the next support is expected at 119.99 level today.

EURJPY Short term Trend: Bearish

The EURJPY correction found resistance near the level at 121.00, as the pair is now trading beneath the main moving average of 5 and 13 on the four-hour chart. Bears want to break beneath support level at 119.99 for a potential bearish expansion to levels 119.66 and 119.24.

EURJPY intraday bias remains neutral at the moment. As long as the resistance level of 121.47 holds, a further decline is expected.

Instrument: EURJPY
Order: Sell
Entry price: 120.17
Stop: 121.47
Target: 119.66

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