EURJPY Stays Beneath Pressure Past 120.00 Level for the 4th Day in a Row

EURJPY Price Analysis – June 19

EURJPY stays beneath level 120.00 through Friday’s early trading hours. The FX pair lately took hints to recall a four-day losing streak from falling risk-tone sentiment. Though the pair strives to rebound from earlier lows in the area of 119.70 and revert to the region of 120.00.

Key levels
Resistance Levels: 124.43, 122.20, 120.50
Support Levels: 119.00, 117.50, 114.85
EURJPY Long term Trend: Ranging
EURJPY recorded a further lower level at 119.65 after crossing beneath the trendline that supported the rebound from the 114.85-level 3½-year low, elevating speculation that the market may maintain the downward-sloping channel trend.

The recovery from level 114.85 may aim a retracement of 61.8 percent from 137.49 to 114.85 next at 124.43 levels. There the continuous shift sets the stage for a level of 137.59 (high). As of now, that may appear to be the best scenario, as long as the horizontal support line now holds at 119.00 level.
EURJPY Short term Trend: Ranging
At this stage, the intraday bias in EURJPY stays on the downside. The decline from level 124.43 is continuing at 119.00 levels for a 61.8 percent retraction of 114.85 to 124.43 levels. On the upside, resistance level breach 122.20 is required to indicate the conclusion of the fall.

Or else, in the event of recovery, yet more fall may remain favorable. A pivotal closing beyond the channel (level 121.47) is needed to breach the short-term downtrend and initiate a continuous rally that may at first restrain around 122.20 level.

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