EURJPY To Continue Falling Under the Mid-127.00 Level

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EURJPY Price Analysis – December 3

For the time being, the EURJPY further decrease is still a possibility below the mid-127.00 level. “When the requirements of the forward guidance are satisfied, we will not hesitate to act,” ECB President Christine Lagarde said earlier on Friday. The EUR/JPY is about to end the week with a significant decline below the 127.50 regions.

Key Levels
Resistance Levels: 129.61, 129.04, 128.50
Support Levels: 127.00, 126.50, 126.00
EURJPY Long term Trend: Ranging
On Friday, the EURJPY opened higher at 127.91 and moved to 128.34 intraday. The pair retreated, as bears emerged as traders focused on levels below 128.00. To investigate the bearish scenario, a decisive fall below 127.50 must be sustained. The pair may continue to fall, with bearish traders targeting round number 127.00 area as a possible objective.

Any such rebound from 127.00 horizontal support is considered as a mid-term phase bullish reversal within a long-term consolidation trend. As long as the 127.50 support level holds is breached and the fall sustained, a further bearish move is expected. A strong breakout of 127.50, on the other hand, would confirm that the breach lower has come to an end, bringing 128.50 back into focus.
EURJPY Short term Trend: Bearish
The EURJPY is still running lower from its October 20 medium-term high of 133.47, and the intraday bias remains to the downside. If the support at 127.00 holds as support, a rebound is likely. A decisive rebound past 128.50, on the other hand, will restore entire gains and push the price further to 130.00.

The mid-term level of 128.50 resistance will be the next target. A sustained return above the revised support at 127.50, on the other hand, might reverse the downtrend and broaden the range from 133.47 level with a new phase for the run higher.

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