EURJPY to Confront Upside Barrier Around 124.50 Level As Europes COVID-19 Under Control

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EURJPY Price Analysis – November 27

EURJPY upside meets a tough barrier around the mid-124.00 level towards the end of the week on Friday. On the other hand, the currency exchange rate might make a brief retracement towards the 124.00 area within this session. Europe is seeing rays of light in getting the second COVID-19 wave under control.

Key Levels
Resistance Levels: 127.07, 125.58, 124.50
Support Levels: 123.37, 121.61, 119.31

EURJPY Long-term Trend: Ranging
The EURJPY recovery appears to have stalled at 124.50 this week, giving way to ongoing consolidation. Exiting this zone could allow a visit to the high level of 125.00. However, if the corrective downturn continues, the pair could revisit recent lows around 123.00.

In a broader context, growth from 114.39 is seen as a mid-term growth phase within the long-term trend of joint consolidation. Steady growth is anticipated as long as the support level at 119.31 stays unaltered. However, the breakout of the 119.31 level could mean that the rally from the 114.39 level has completed and returned attention to the lows.

EURJPY Short term Trend: Ranging
The rebound in EURJPY has lost momentum after reaching the 124.56 level below the 125.00 resistance level. The intraday bias of the pair shifted to neutral again. On the other hand, a sustained breakout of the 125.00 resistance level may return to the scenario that the correction from the 127.07 level has ended.

More rally may be seen to retest this high. On the other hand, a breakout of the 123.00 area could push the trend back to the downside towards the 121.61 support level. All things being equal, the EURJPY pair may continue to decline during the next trading session.

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