EURJPY Stays on Edge Close to the 119.00 Level

EURJPY Stays on Edge Close to the 119.00 Level

EURJPY Price Analysis – February 14

The consistent delicate tone encompassing the European currency joined with a relentless pace in the Japanese safe-haven, compels EURJPY to exchange inside the proposed sentiment at the level of 119.00 handles.

Key Levels
Resistance Levels: 123.37, 121.01, 119.66
Support Levels: 118.20, 117.08, 115.83

EURJPY Long term Trend: Bearish

In the larger structure, EURJPY quite remains in the plunging channel, set at 127.52 (high) level. Thus, the tend stays bearish. An increase from 115.83 level is seen as corrective growth, which may have completed.

A solid breakthrough of the level at 115.83 may continue the downtrend to the support level of 114.84 level in the next, at the moment while the cross loses 0.04% at 118.87 and a drop below 118.87 level (2020 low on February 14 ) will reveal 118.81 (‘flash) collapse’ on January 3, 2019), and then 117.08 (monthly low on October 7, 2019).

EURJPY Short term Trend: Bearish

The fall of EURJPY from the level of 122.87 is in the process and still reaches the level of 118.87, and its intraday bias remains in the lower part for the forecast of 100% from 122.87 to 119.66 from 121.01 to 118.20 levels further.

On the other hand, overcoming the level of 119.66 of secondary resistance may initially change the neutrality of the bias within the day, while the recovery should be much lower than the resistance level of 121.01 to continue the plunge.

Instrument: EURJPY
Order: Sell
Entry price: 119.24
Stop: 119.66
Target: 118.20

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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